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7.21 EURUSD Daily Review & Outlook

FX:EURUSD   Euro / U.S. Dollar
Wednesday 7.21, for the past 24 hours:
EURUSD has risen 16 pips against the previous day close; hit target set yesterday, but pull back from key level 1.1763, and stand above 1.1780.
• ↓ 46.8 pips High & Low extreme move, vs. 57.2 pips of 22 day Average Range.

Strength (0~10) Comparison:
• USD in early session MEDIUM 6.2 -> 4.9 MEDIUM of late session
• EUR in early session MEDIUM 4.5 -> 5.2 MEDIUM of late session

Market Focus & Moods:
• In the early session, US yield continue sliding, EURUSD drop comes along. Overall, EURUSD's validity was not as strong as other pairs esp . GBP and commodity currencies. Broke 1.1763 strong support twice, but pull back stand above 1.1780, this is an important sign of today.
• Wednesday, light events both morning and afternoon. German 30-y Bond auction in the morning, afternoon 6pm LON, US20Year Bond Auction. Keep an eye on US Bond Rates movement, see if the rebounce continue.

Next Step:
• Since Thursday is rate decision day for EUR, I would expect a limit range of movement for Wednesday.
• I expect a weak rebounce to test resistance 1.1800 and close above 1.1792. Downside, still hold 1.1763 as key level of support, if break down and hold, sellers would control movement.
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