8.20 EURUSD Daily Review & Outlook
Friday 8.20, for the past 24 hours:
• EURUSD has dropped 32 pips against the previous day close; hit target set yesterday, but up and down to consolidate lows.
• ↓ 49.8 pips High & Low extreme move, vs. 52.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.6 -> 8.0 STRONG of late session
• EUR in early session MEDIUM 5.8 -> 6.3 MEDIUM of late session
Market Focus & Moods:
• US Dollar keep rally, esp. in Asian session. After Thursday FOMC minutes. Stock indices touched lowest and bounced up a bit. Commodity currencies fully slump. But EURUSD still reluctant to join totally. This make me feel very nervous about it, which means it could join the collapse sharply or hold the line for a reversion later.
• Friday, except morning 7am LON German PPI, nearly nothing important for EURUSD, but it's the last Friday for next week, we need be cautious about both possibilities.
Next Step:
• I have no bias for EURUSD, upside 1st resistance 1.1700, 2nd resistance 1.1725 , downside 1st support area 1.1660~1.1655, 2nd strong support 1.1605~1.1595 area.
• EURUSD has dropped 32 pips against the previous day close; hit target set yesterday, but up and down to consolidate lows.
• ↓ 49.8 pips High & Low extreme move, vs. 52.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.6 -> 8.0 STRONG of late session
• EUR in early session MEDIUM 5.8 -> 6.3 MEDIUM of late session
Market Focus & Moods:
• US Dollar keep rally, esp. in Asian session. After Thursday FOMC minutes. Stock indices touched lowest and bounced up a bit. Commodity currencies fully slump. But EURUSD still reluctant to join totally. This make me feel very nervous about it, which means it could join the collapse sharply or hold the line for a reversion later.
• Friday, except morning 7am LON German PPI, nearly nothing important for EURUSD, but it's the last Friday for next week, we need be cautious about both possibilities.
Next Step:
• I have no bias for EURUSD, upside 1st resistance 1.1700, 2nd resistance 1.1725 , downside 1st support area 1.1660~1.1655, 2nd strong support 1.1605~1.1595 area.
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