7.20 EURUSD Daily Review & Outlook
Tuesday 7.20, for the past 24 hours:
• EURUSD has dropped 6 pips against the previous day close; hit target set yesterday, but rebound.
• ↑ 61 pips High & Low extreme move, vs. 58.6 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session STRONG 7.8 -> 5.1 MEDIUM of late session
• EUR in early session MEDIUM 4.8 -> 5.1 MEDIUM of late session
Market Focus & Moods:
• There is only one theme in the market to start the new week and it is that of risk aversion as equities sank while Treasuries were bid heavily. It is tough to pinpoint any key factors driving the move, maybe on covid worries. There is a technical rebounce in the afternoon of EURUSD, but later seller push it back below 100 hours SMA.
• Tuesday, German PPI 7am LON time, 9am ECB Bank Lending Survey; 1:30pm US building permit.
Next Step:
• Since Thursday is another big day for EUR, so I keep no bias on EURUSD, but would be sliding further.
• I expect a test support 1.1780 again, and close around 1.1780 ~ 1.1765 area.
• EURUSD has dropped 6 pips against the previous day close; hit target set yesterday, but rebound.
• ↑ 61 pips High & Low extreme move, vs. 58.6 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session STRONG 7.8 -> 5.1 MEDIUM of late session
• EUR in early session MEDIUM 4.8 -> 5.1 MEDIUM of late session
Market Focus & Moods:
• There is only one theme in the market to start the new week and it is that of risk aversion as equities sank while Treasuries were bid heavily. It is tough to pinpoint any key factors driving the move, maybe on covid worries. There is a technical rebounce in the afternoon of EURUSD, but later seller push it back below 100 hours SMA.
• Tuesday, German PPI 7am LON time, 9am ECB Bank Lending Survey; 1:30pm US building permit.
Next Step:
• Since Thursday is another big day for EUR, so I keep no bias on EURUSD, but would be sliding further.
• I expect a test support 1.1780 again, and close around 1.1780 ~ 1.1765 area.
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