Thursday 7.22, for the past 24 hours: • EURUSD has risen 14 pips against the previous day close; hit target set yesterday. • ↑ 53.3 pips High & Low extreme move, vs. 56.2 pips of 22 day Average Range.
Strength (0~10) Comparison: • USD in early session MEDIUM 4.0 -> 1.8 WEAK of late session • EUR in early session MEDIUM 4.9 -> 3.4 MEDIUM of late session
Market Focus & Moods: • Risk trades legging higher, led by the commodity currencies. Bonds were an early tell as yields ticked higher and then equities fell into line and currencies ran. The euro touched a new three-month low early in the day but reversed to finish slightly higher. • Thursday, it's tough to imagine tomorrow's ECB decision will be a big mover but this pair has been locked into 50-pip ranges for a while. LON 12:45pm ECB Rate Decision, 1:30 ECB Monetary Policy Statement and Press Conference; and US Initial Jobless Claims.
Next Step: • I expect a strong up 1.1824 (Medium) 1.1838 (Weak) 1.1860 (Strong) and down 1.1785 (Strong) 1.1763(Weak) movement, and close high 1.1830-50 area.