First move was a gap up followed by breaking below the yellow zone with minimal retest (just one 4 hour bar). This is one the strongest signals implying the higher timeframes are in total control. Target red zone was tagged and broken thru on the 3rd try to close the week at the low. All is all a easy week to trade following STOPD.
Next week outlook
Higher timeframes (weekly, monthly and up) are dictating the moves. 1.31 (red zone) is the critical price level that euro must hold if a complete melt down is to be avoided. If it acts as support, the initial target would be above 1.34 (yellow zone). If 1.31 turns into resistance after being taken out early in the week, a flush down is expected.
Lawrence's Comment
Recap
NQ weaknesses let to quick break of Y-0. Since then NQ cannot clear 4700 and dropped to Y-1. When trouble in Asia spread to US, NQ break down to ...
Lawrence's Comment
Recap
Y-0 resistance gave us a pullback to Y-1. Dow found support there and zoomed to Y+1, yet failed to stay above. Dow failed on retest of week high and ...
Lawrence's Comment
Recap
Consolidation around Y+1 as expected. Since it is consolidation, both Y+2 and Y-0 were not tagged. Closed the week above Y+1 and midpoint.
Outlook
3rd week into this up drift formation ...
EURUSD Week of Nov 29th to Dec 3rd Outlook
Recap of last week
First move was a gap up followed by breaking below the yellow zone with minimal retest (just one 4 hour bar). This is one the strongest signals implying the higher timeframes are in total control. Target red zone was tagged and broken thru on the 3rd try to close the week at the low. All is all a easy week to trade following STOPD.
Next week outlook
Higher timeframes (weekly, monthly and up) are dictating the moves. 1.31 (red zone) is the critical price level that euro must hold if a complete melt down is to be avoided. If it acts as support, the initial target would be above 1.34 (yellow zone). If 1.31 turns into resistance after being taken out early in the week, a flush down is expected.
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