Wednesday 8.11, for the past 24 hours:
• EURUSD has dropped 16 pips against the previous day close; Close just above target set yesterday.
• ↓ 33.5 pips High & Low extreme move, vs. 53.1 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.9 -> 5.2 MEDIUM of late session
• EUR in early session WEAK 3.0 -> 3.8 MEDIUM of late session
Market Focus & Moods:
• US Bond Rates continue rising back above 1.34%, market has transferred more concerns to taper rather than delta variations. EU was dragged by DE ZEW Survey worse than expected. Stock rally to higher. Unless a big news, FX market movement would keep soft slow rhythm after the Gold big jump early Monday.
• Wednesday, 7am LON German CPI, 1:30pm US CPI; there would be larger range movement for EURUSD, since taper back to focus of market.
Next Step:
• I expect a test at lower 1.1710 again, then 2nd support 1.1700, if break and hold the position, sellers would set even lower target for the following weeks, let's watch these 2 level first.
• Upside, strong resistance 1.1760-1.1770 area, I expect close around 1.1712~ 1.1737 area.
• EURUSD has dropped 16 pips against the previous day close; Close just above target set yesterday.
• ↓ 33.5 pips High & Low extreme move, vs. 53.1 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.9 -> 5.2 MEDIUM of late session
• EUR in early session WEAK 3.0 -> 3.8 MEDIUM of late session
Market Focus & Moods:
• US Bond Rates continue rising back above 1.34%, market has transferred more concerns to taper rather than delta variations. EU was dragged by DE ZEW Survey worse than expected. Stock rally to higher. Unless a big news, FX market movement would keep soft slow rhythm after the Gold big jump early Monday.
• Wednesday, 7am LON German CPI, 1:30pm US CPI; there would be larger range movement for EURUSD, since taper back to focus of market.
Next Step:
• I expect a test at lower 1.1710 again, then 2nd support 1.1700, if break and hold the position, sellers would set even lower target for the following weeks, let's watch these 2 level first.
• Upside, strong resistance 1.1760-1.1770 area, I expect close around 1.1712~ 1.1737 area.
