Monday 7.19, for the past 24 hours:
• EURUSD has dropped -6 pips against the previous day close; movement as expected;
• ↓ 30 pips High & Low extreme move, vs. 61.0 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.9 -> 7.8 STRONG of late session
• EUR in early session MEDIUM 6.0 -> 7.3 STRONG of late session
Market Focus & Moods:
• Retail sales were much stronger than expected and the strength was broad-based but the FX market largely cast the report aside; EUR/USD wasn't much of a mover in the session as it tried to push lower early but caught bids at 1.1793 before slowly tracking up to 1.1818 and then finishing in the middle.
• Monday, very light economic data.
Next Step:
• I expect a weak test support low level 1.1780 and close above it.
• EURUSD has dropped -6 pips against the previous day close; movement as expected;
• ↓ 30 pips High & Low extreme move, vs. 61.0 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.9 -> 7.8 STRONG of late session
• EUR in early session MEDIUM 6.0 -> 7.3 STRONG of late session
Market Focus & Moods:
• Retail sales were much stronger than expected and the strength was broad-based but the FX market largely cast the report aside; EUR/USD wasn't much of a mover in the session as it tried to push lower early but caught bids at 1.1793 before slowly tracking up to 1.1818 and then finishing in the middle.
• Monday, very light economic data.
Next Step:
• I expect a weak test support low level 1.1780 and close above it.
