9.24 EURUSD Daily Review & Outlook
9.24 Friday, for the past 24 hours:
• EURUSD has risen 47 pips against the previous day close; missed target set yesterday.
• ↑ 67 pips High & Low extreme move, vs. 47.6 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 3.6 -> 3.5 WEAK of late session
• EUR in early session MEDIUM 3.9 -> 5.8 MEDIUM of late session
Market Focus & Moods:
• With the Fed out of the way and more indications that China is prepared for Evergrande, the market embraced the warm-and-fuzzies with a classic risk-on move. That meant higher stocks, higher commodities, a jump in risky FX and, notably, higher yields. Thus, EURUSD rise near 50 pips.
• Friday, morning LDN 9am Ifo Business Climate,
Afternoon, 3pm US New Home Sales, Fed Officials speech. Powell/Clarida/Bowman
Next Step:
• Due to risk on day Thursday, I expect Friday a test:
- Resistances 1st 1.1750, 2nd 1.1763, 3rd 1.1773-1.1780 zone
- Support at 1st 1.1730-25, 2nd 1.1715, 3rd 1.1700;
- Close around 1.1750~ 1.1775 area.
• EURUSD has risen 47 pips against the previous day close; missed target set yesterday.
• ↑ 67 pips High & Low extreme move, vs. 47.6 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 3.6 -> 3.5 WEAK of late session
• EUR in early session MEDIUM 3.9 -> 5.8 MEDIUM of late session
Market Focus & Moods:
• With the Fed out of the way and more indications that China is prepared for Evergrande, the market embraced the warm-and-fuzzies with a classic risk-on move. That meant higher stocks, higher commodities, a jump in risky FX and, notably, higher yields. Thus, EURUSD rise near 50 pips.
• Friday, morning LDN 9am Ifo Business Climate,
Afternoon, 3pm US New Home Sales, Fed Officials speech. Powell/Clarida/Bowman
Next Step:
• Due to risk on day Thursday, I expect Friday a test:
- Resistances 1st 1.1750, 2nd 1.1763, 3rd 1.1773-1.1780 zone
- Support at 1st 1.1730-25, 2nd 1.1715, 3rd 1.1700;
- Close around 1.1750~ 1.1775 area.
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