EURUSD Oct 28 to Nov 01 Outlook

By News Robot

Lawrence’s Comment

Recap
No consolidation below the resistance zone. Instead zoomed thru and triggered Y+2 target. Tagged that by end of week. Closed the week below Y+2 and near week high.

Outlook
The accelerated run higher is mainly a result of the weakening of USD across the board. World events point to clear intentions to move away from USD for international trade. This is fundamental change in the way USD is used.

I am not extremely bearish with USD at this point because the other currencies all have their own problems. This development in limiting USD exposure, however, is high on my radar as the tipping point can happen any time.

For now, on swing basis, if euro breaks below B-0 it is likely to drop down to Y-0 quickly.

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