10.1 Friday, for the past 24 hours:
• EURUSD has dropped 20 pips against the previous day close; hit target set yesterday, but close at up edge of target area.
• ↓ 47.2 pips High & Low extreme move, vs. 49.8 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.0 -> 3.2 WEAK of late session
• EUR in early session WEAK 1.8 -> 2.0 WEAK of late session
Market Focus & Moods:
• Quarter end flows were a big factor all around but it's tough to say exactly how much was flows and how much was worry about: Inflation, bottlenecks, China, Washington and energy. There's so much to unpack in markets at the moment and maybe it's the combination that's the real story. The euro couldn't even muster a dead cat bounce.
• Friday, morning LDN 7am DE Retail Sales, 8:15-9am European Markit Manufacturing PMI, 10am EU CPI;
Afternoon, 1:30pm US PCE and Personal Income/Spending; 3pm US ISM Manuf. PMI, MichU Consumer Sentiment.
Next Step:
• Due to first day of October, I expect a test:
- Resistances 1st 1.1590, 2nd 1.1605, 3rd 1.1630;
- Support at 1st 1.1575, 2nd 1.1563, 3rd 1.1545;
- Close around 1.1575~ 1.1550 area.
• EURUSD has dropped 20 pips against the previous day close; hit target set yesterday, but close at up edge of target area.
• ↓ 47.2 pips High & Low extreme move, vs. 49.8 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.0 -> 3.2 WEAK of late session
• EUR in early session WEAK 1.8 -> 2.0 WEAK of late session
Market Focus & Moods:
• Quarter end flows were a big factor all around but it's tough to say exactly how much was flows and how much was worry about: Inflation, bottlenecks, China, Washington and energy. There's so much to unpack in markets at the moment and maybe it's the combination that's the real story. The euro couldn't even muster a dead cat bounce.
• Friday, morning LDN 7am DE Retail Sales, 8:15-9am European Markit Manufacturing PMI, 10am EU CPI;
Afternoon, 1:30pm US PCE and Personal Income/Spending; 3pm US ISM Manuf. PMI, MichU Consumer Sentiment.
Next Step:
• Due to first day of October, I expect a test:
- Resistances 1st 1.1590, 2nd 1.1605, 3rd 1.1630;
- Support at 1st 1.1575, 2nd 1.1563, 3rd 1.1545;
- Close around 1.1575~ 1.1550 area.
