Implications and Outlook
1. Intraday bias in Euro-Dollar remains slightly bullish by busting though minor Mean Resistance 1.14100, further advance remains doubtful.
2. Meanwhile, considering mild bullish convergence condition in price action on Friday might indicate short-term bullishness sentiment - Key Resistance 1.16100. In that case, lengthier consolidation would be seen first before up trend resumption.
3. In the bigger picture, downside target projection of Key Support 1.13400 to Yearly Low 1.12970 is venerable as the further decline is expected towards our outer Currency Dip 1.12080.
4. Current Currency Strategy Bias: Bearish 60 / Bullish 40
1. Intraday bias in Euro-Dollar remains slightly bullish by busting though minor Mean Resistance 1.14100, further advance remains doubtful.
2. Meanwhile, considering mild bullish convergence condition in price action on Friday might indicate short-term bullishness sentiment - Key Resistance 1.16100. In that case, lengthier consolidation would be seen first before up trend resumption.
3. In the bigger picture, downside target projection of Key Support 1.13400 to Yearly Low 1.12970 is venerable as the further decline is expected towards our outer Currency Dip 1.12080.
4. Current Currency Strategy Bias: Bearish 60 / Bullish 40
Comment:
August 21
Comment:
As we anticipated, and as outlined by above analysis, Euro Dollar has bounced towards 1.1610 Key Resistance on Monday and today. The pair is back attempting to retest the last Key Resistance level. A rejection at a current level of resistance will increase the odds of a move to Key Support 1.1340, new Yearly Low 1.1297 and outer Currency Dip 1.1208.