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Lawrence’s Comment
Consolidation expected and euro stayed that way until ECB’s surprise rate cut. Since then it was one big flush until 200% expansion level is reached. Closed the week near Y-5 and below midpoint.
Outlook
Initial reaction to the rate cut was that people were (and still are) too bullish on euro. Hence the stop run. A proper bottom has to be formed before a bounce is possible. A 4 hour double bottom will be able to send euro back up to B-0.
Consolidation more likely around previous week close.
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