10.6 Wednesday, for the past 24 hours:
• EURUSD has dropped 21 pips against the previous day close; hit target set yesterday.
• ↓ 41 pips High & Low extreme move, vs. 49.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.1 -> 4.8 MEDIUM of late session
• EUR in early session MEDIUM 4.0 -> 4.2 MEDIUM of late session
Market Focus & Moods:
• The FX moves today weren't large aside from yen and CHF crosses. Both of those lagged on a positive risk tone right across the board. The tone improved after the services PMIs though that might be correlation more than causation. EURUSD dropped in Asia session and then consolidates around 1.1600.
• Wednesday, morning 8:30am EU Construction PMI; 10am EU Retail Sales;
Afternoon, 1:15pm US ADP Employment Change;
Next Step:
• Due to USD momentum still works I expect a test:
- Resistances 1st 1.1603, 2nd 1.1608-18, 3rd 1.1630;
- Support at 1st 1.1581, 2nd 1.1563, 3rd 1.1545(strong);
- Close around 1.1565~ 1.1590 area.
• EURUSD has dropped 21 pips against the previous day close; hit target set yesterday.
• ↓ 41 pips High & Low extreme move, vs. 49.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.1 -> 4.8 MEDIUM of late session
• EUR in early session MEDIUM 4.0 -> 4.2 MEDIUM of late session
Market Focus & Moods:
• The FX moves today weren't large aside from yen and CHF crosses. Both of those lagged on a positive risk tone right across the board. The tone improved after the services PMIs though that might be correlation more than causation. EURUSD dropped in Asia session and then consolidates around 1.1600.
• Wednesday, morning 8:30am EU Construction PMI; 10am EU Retail Sales;
Afternoon, 1:15pm US ADP Employment Change;
Next Step:
• Due to USD momentum still works I expect a test:
- Resistances 1st 1.1603, 2nd 1.1608-18, 3rd 1.1630;
- Support at 1st 1.1581, 2nd 1.1563, 3rd 1.1545(strong);
- Close around 1.1565~ 1.1590 area.
