Wednesday 7.21, for the past 24 hours:
• EURUSD has risen 16 pips against the previous day close; hit target set yesterday, but pull back from key level 1.1763, and stand above 1.1780.
• ↓ 46.8 pips High & Low extreme move, vs. 57.2 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.2 -> 4.9 MEDIUM of late session
• EUR in early session MEDIUM 4.5 -> 5.2 MEDIUM of late session
Market Focus & Moods:
• In the early session, US yield continue sliding, EURUSD drop comes along. Overall, EURUSD's validity was not as strong as other pairs esp. GBP and commodity currencies. Broke 1.1763 strong support twice, but pull back stand above 1.1780, this is an important sign of today.
• Wednesday, light events both morning and afternoon. German 30-y Bond auction in the morning, afternoon 6pm LON, US20Year Bond Auction. Keep an eye on US Bond Rates movement, see if the rebounce continue.
Next Step:
• Since Thursday is rate decision day for EUR, I would expect a limit range of movement for Wednesday.
• I expect a weak rebounce to test resistance 1.1800 and close above 1.1792. Downside, still hold 1.1763 as key level of support, if break down and hold, sellers would control movement.
• EURUSD has risen 16 pips against the previous day close; hit target set yesterday, but pull back from key level 1.1763, and stand above 1.1780.
• ↓ 46.8 pips High & Low extreme move, vs. 57.2 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.2 -> 4.9 MEDIUM of late session
• EUR in early session MEDIUM 4.5 -> 5.2 MEDIUM of late session
Market Focus & Moods:
• In the early session, US yield continue sliding, EURUSD drop comes along. Overall, EURUSD's validity was not as strong as other pairs esp. GBP and commodity currencies. Broke 1.1763 strong support twice, but pull back stand above 1.1780, this is an important sign of today.
• Wednesday, light events both morning and afternoon. German 30-y Bond auction in the morning, afternoon 6pm LON, US20Year Bond Auction. Keep an eye on US Bond Rates movement, see if the rebounce continue.
Next Step:
• Since Thursday is rate decision day for EUR, I would expect a limit range of movement for Wednesday.
• I expect a weak rebounce to test resistance 1.1800 and close above 1.1792. Downside, still hold 1.1763 as key level of support, if break down and hold, sellers would control movement.
