Implications and Outlook
1. The Euro Dollar is bouncing around Key Support 1.15390 since June 15 and breaking the critical Mean Resistance of 1.17030 on Friday, July 6.
2. The Key Resistance of 1.17950 level will likely be vital, since it is the top of the over-all price consolidation locale that we saw formed from June 7 thru June 13 is very solid. The violation of it will undoubtedly bring a lot more severe of the intermediate/long-term bullish implications moving to the completed Currency Rally 1.18510.
3. However, the drop of the intermediate-term Key Resistance 1.17950 will undoubtedly bring a lot more severe of the intermediate/long-term bearish implications moving to the Key Support 1.15390 and outer Currency Dip 1.14030.
4. Current Currency Strategy Bias: Bearish 60 / Bullish 40
1. The Euro Dollar is bouncing around Key Support 1.15390 since June 15 and breaking the critical Mean Resistance of 1.17030 on Friday, July 6.
2. The Key Resistance of 1.17950 level will likely be vital, since it is the top of the over-all price consolidation locale that we saw formed from June 7 thru June 13 is very solid. The violation of it will undoubtedly bring a lot more severe of the intermediate/long-term bullish implications moving to the completed Currency Rally 1.18510.
3. However, the drop of the intermediate-term Key Resistance 1.17950 will undoubtedly bring a lot more severe of the intermediate/long-term bearish implications moving to the Key Support 1.15390 and outer Currency Dip 1.14030.
4. Current Currency Strategy Bias: Bearish 60 / Bullish 40