7.8 EURUSD Daily Review & Outlook
Thursday 7.8, for the past 24 hours:
• EURUSD has dropped 29 pips against the previous day close; hit target set yesterday, but with some up and down.
• ↓ 55 pips High & Low extreme move, vs. 61.5 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 4.2 -> 6.5 MEDIUM of late session
• EUR in early session WEAK 3.0 -> 3.3 WEAK of late session
Market Focus & Moods:
• Euro has been falling to the lowest since April in a dip below 1.1800 and close below that level. The Fed minutes led to a dip in the US dollar as the commentary wasn't as hawkish as feared. That didn't last though with the move now swallowed up in a 25-pip up-and-down.
• ECB's President Lagarde speech LON 12:00 pm, US Initial Jobless Claims 1:30 pm; Still focus on CAD and Oil price, Bond Rates low and watch out any rebounce.
Next Step:
• I expect a break again to lower support set yesterday, and test 1.1765 area as strong support area.
• EURUSD has dropped 29 pips against the previous day close; hit target set yesterday, but with some up and down.
• ↓ 55 pips High & Low extreme move, vs. 61.5 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 4.2 -> 6.5 MEDIUM of late session
• EUR in early session WEAK 3.0 -> 3.3 WEAK of late session
Market Focus & Moods:
• Euro has been falling to the lowest since April in a dip below 1.1800 and close below that level. The Fed minutes led to a dip in the US dollar as the commentary wasn't as hawkish as feared. That didn't last though with the move now swallowed up in a 25-pip up-and-down.
• ECB's President Lagarde speech LON 12:00 pm, US Initial Jobless Claims 1:30 pm; Still focus on CAD and Oil price, Bond Rates low and watch out any rebounce.
Next Step:
• I expect a break again to lower support set yesterday, and test 1.1765 area as strong support area.
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