7.23 EURUSD Daily Review & Outlook
Friday 7.23, for the past 24 hours:
• EURUSD has dropped -26 pips against the previous day close; hit target area set yesterday, but pull back and made new session low, which is unexpected.
• ↓ 73 pips High & Low extreme move, vs. 56.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 4.1 -> 5.5 MEDIUM of late session
• EUR in early session MEDIUM 4.0 -> 1.0 WEAK of late session
Market Focus & Moods:
• The full range since June 29 is 150 pips. Today's ECB meeting was a fresh opportunity to kick the trade into gear but Lagarde didn't offer anything new and policy is stuck at the lower bound indefinitely. There is some disagreement and perhaps that is manifesting itself in the price action for the EURUSD in the process. Technically, the price action has seen quick, choppy moves higher lower and above and below its 200 hour SMA and 100 hour SMA.
• Friday, morning 8-9am LON, European Markit Services PMI, now EURUSD need catalyst to push movement, keep an eye on these data. Afternoon, 2:45pm US Markit Services PMI.
Next Step:
• I expect a medium test low support 1.1763 again then 1.1724 maybe, and close around 1.1760 ~ 1.1735 area.
• EURUSD has dropped -26 pips against the previous day close; hit target area set yesterday, but pull back and made new session low, which is unexpected.
• ↓ 73 pips High & Low extreme move, vs. 56.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 4.1 -> 5.5 MEDIUM of late session
• EUR in early session MEDIUM 4.0 -> 1.0 WEAK of late session
Market Focus & Moods:
• The full range since June 29 is 150 pips. Today's ECB meeting was a fresh opportunity to kick the trade into gear but Lagarde didn't offer anything new and policy is stuck at the lower bound indefinitely. There is some disagreement and perhaps that is manifesting itself in the price action for the EURUSD in the process. Technically, the price action has seen quick, choppy moves higher lower and above and below its 200 hour SMA and 100 hour SMA.
• Friday, morning 8-9am LON, European Markit Services PMI, now EURUSD need catalyst to push movement, keep an eye on these data. Afternoon, 2:45pm US Markit Services PMI.
Next Step:
• I expect a medium test low support 1.1763 again then 1.1724 maybe, and close around 1.1760 ~ 1.1735 area.
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