8.30 Monday, for the past 24 trading hours:
• EURUSD has risen 38 pips against the previous day close; hit target set last Thursday, But, compared to the movement on the day of last year Jackson Hole, EURUSD has only half 67/141 pips low-high movement.
• ↑ 67.4 pips High & Low extreme move, vs. 48.8 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.6 -> 0.5 WEAK of late session
• EUR in early session MEDIUM 6.0 -> 3.8 MEDIUM of late session
Market Focus & Moods:
• The comments from Fed officials seemed to be overwhelmingly in favour of getting the taper going before Powell's speech. Fed's Bostic, Harker, Mester and Bullard expressed the desire to get taper started. However, when the Fed Chair spoke, the market heard a more dovish view and certainly no definitive timetable for the taper. This is what I read as he is honestly on taper ---- keep silent! As a result, the USD moved lower and was the weakest of the major currencies.
• Monday, 8am Spain Retail Sales, 10am EU Consumer Confidence, 1pm German Inflation Rate, 3pm US Pending Home Sales, and 3:30pm Dallas Fed Manufacturing Index
Next Step:
• Due to the volatility on Friday is not as expected high, I focus on the price of EURUSD momentum and pattern of after events. I expect a test:
- Resistances 1st 1.1810, 2nd 1.1827, 3rd 1.1845;
- Support at 1.1785-1.1775 zone;
- Close around 1.1815~ 1.1790 area.
• EURUSD has risen 38 pips against the previous day close; hit target set last Thursday, But, compared to the movement on the day of last year Jackson Hole, EURUSD has only half 67/141 pips low-high movement.
• ↑ 67.4 pips High & Low extreme move, vs. 48.8 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.6 -> 0.5 WEAK of late session
• EUR in early session MEDIUM 6.0 -> 3.8 MEDIUM of late session
Market Focus & Moods:
• The comments from Fed officials seemed to be overwhelmingly in favour of getting the taper going before Powell's speech. Fed's Bostic, Harker, Mester and Bullard expressed the desire to get taper started. However, when the Fed Chair spoke, the market heard a more dovish view and certainly no definitive timetable for the taper. This is what I read as he is honestly on taper ---- keep silent! As a result, the USD moved lower and was the weakest of the major currencies.
• Monday, 8am Spain Retail Sales, 10am EU Consumer Confidence, 1pm German Inflation Rate, 3pm US Pending Home Sales, and 3:30pm Dallas Fed Manufacturing Index
Next Step:
• Due to the volatility on Friday is not as expected high, I focus on the price of EURUSD momentum and pattern of after events. I expect a test:
- Resistances 1st 1.1810, 2nd 1.1827, 3rd 1.1845;
- Support at 1.1785-1.1775 zone;
- Close around 1.1815~ 1.1790 area.
