7.1 EURUSD Daily Review & Outlook
Thur. 7.1, for the past 24 hours:
• EURUSD has dropped 39 pips against the previous day close; hit target set yesterday, but rebound not enough as expected.
• ↓ 64 pips High & Low extreme move, vs. 63.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.5 -> 7.8 STRONG of late session
• EUR in early session MEDIUM 4.0 -> 3.6 MEDIUM of late session
Market Focus & Moods:
• The dollar bid was relentless into quarter end before finally giving some back very late in the day. EUR/USD was soft for the second day as it fell to retest the post-Fed low at 1.1847 . Relevant markets are mixed, Yield spread rate EU-US fall down near the close of the day.
• Thursday morning, 1st day of July, EU Markit Manufacturing data, I feel the direction of EURUSD's movement in the morning would define the direction for whole day even before weekend. Watch closely to bond markets! Afternoon, US initial jobless claims & ISM Manufacturing Index.
Next Step:
• Due to the fall was not strong as I expected yesterday, and bounce is softer.
• I prepare 2 direction for tomorrow:
Upside 1st resistance 1.1880 and then consolidation around;
Downside 1st target area 1.1830, 2nd target 1.1800~1790 area.
• EURUSD has dropped 39 pips against the previous day close; hit target set yesterday, but rebound not enough as expected.
• ↓ 64 pips High & Low extreme move, vs. 63.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.5 -> 7.8 STRONG of late session
• EUR in early session MEDIUM 4.0 -> 3.6 MEDIUM of late session
Market Focus & Moods:
• The dollar bid was relentless into quarter end before finally giving some back very late in the day. EUR/USD was soft for the second day as it fell to retest the post-Fed low at 1.1847 . Relevant markets are mixed, Yield spread rate EU-US fall down near the close of the day.
• Thursday morning, 1st day of July, EU Markit Manufacturing data, I feel the direction of EURUSD's movement in the morning would define the direction for whole day even before weekend. Watch closely to bond markets! Afternoon, US initial jobless claims & ISM Manufacturing Index.
Next Step:
• Due to the fall was not strong as I expected yesterday, and bounce is softer.
• I prepare 2 direction for tomorrow:
Upside 1st resistance 1.1880 and then consolidation around;
Downside 1st target area 1.1830, 2nd target 1.1800~1790 area.
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