7.2 EURUSD Daily Review & Outlook
Updated
Fri 7.2, for the past 24 hours:
• EURUSD has dropped 6 pips against the previous day close; rebound from bottom, but sellers press it down to low area to close.
• ↓ 47 pips High & Low extreme move, vs. 63.5 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.0 -> 8.1 STRONG of late session
• EUR in early session STRONG 7.1 -> 6.0 MEDIUM of late session
Market Focus & Moods:
• Stock continues close high, US debt market keep narrow range up and down today, US as the strongest in currency market before NFP day. The important thing in my view is that, Oil price keeps rising since end of May, and DXY rises as well. I don't see a change of this trend. Unless OPEC release bad news to beat Oil price down, which is very unlikely to happen. So…
• NFP day, according relevant job information and other US economy data of June, tomorrow NFP won't be too bad, which will support US dollar to achieve next level of high. This is my view or guess.
Next Step:
• I expect EURUSD a break 1st lower support 1.1830, 2nd support 1.1795, and test 1.1765 as bottom of Friday close around 1.1765 ~ 1.1785 area.
• Back up or retreat plan: watch oil price, and if rises up to 1.1870 and above would have a turning of day trend. Stop loss 1.1885.
• EURUSD has dropped 6 pips against the previous day close; rebound from bottom, but sellers press it down to low area to close.
• ↓ 47 pips High & Low extreme move, vs. 63.5 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.0 -> 8.1 STRONG of late session
• EUR in early session STRONG 7.1 -> 6.0 MEDIUM of late session
Market Focus & Moods:
• Stock continues close high, US debt market keep narrow range up and down today, US as the strongest in currency market before NFP day. The important thing in my view is that, Oil price keeps rising since end of May, and DXY rises as well. I don't see a change of this trend. Unless OPEC release bad news to beat Oil price down, which is very unlikely to happen. So…
• NFP day, according relevant job information and other US economy data of June, tomorrow NFP won't be too bad, which will support US dollar to achieve next level of high. This is my view or guess.
Next Step:
• I expect EURUSD a break 1st lower support 1.1830, 2nd support 1.1795, and test 1.1765 as bottom of Friday close around 1.1765 ~ 1.1785 area.
• Back up or retreat plan: watch oil price, and if rises up to 1.1870 and above would have a turning of day trend. Stop loss 1.1885.
Note
News about Oil OPEC meeting, If a new agreement cannot be reached the fall-back is the current deal, which would mean no further output hikes until April 2022. forexlive.com/news/!/opec-scheduled-meeting-july-1-now-postponed-to-friday-20210701
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