8.24 EURUSD Daily Review & Outlook
Tuesday 8.24, for the past 24 hours:
• EURUSD has risen 50 pips against the previous day close; hit target set yesterday, but pull back not enough as expected.
• ↑ 58.3 pips High & Low extreme move, vs. 51 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 3.0 -> 0.6 WEAK of late session
• EUR in early session MEDIUM 4.5 -> 2.3 WEAK of late session
Market Focus & Moods:
• The market is increasingly optimistic that the cresting wave of covid and hopes are growing that more vaccination. This has push the risk traders to a strong resistance area, esp. commodity currencies and also EURUSD.
• Tuesday morning LON 7am German GDP, afternoon 3pm US New Home Sales; both are light data.
Next Step:
• Since there should be limited area for rehearsal before Jackson Hole symposium, I expect EURUSD test the strong resistance area 1.1750-1.1765 and has some up and down around there, close around 1.1763~ 1.1638 area.
• EURUSD has risen 50 pips against the previous day close; hit target set yesterday, but pull back not enough as expected.
• ↑ 58.3 pips High & Low extreme move, vs. 51 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 3.0 -> 0.6 WEAK of late session
• EUR in early session MEDIUM 4.5 -> 2.3 WEAK of late session
Market Focus & Moods:
• The market is increasingly optimistic that the cresting wave of covid and hopes are growing that more vaccination. This has push the risk traders to a strong resistance area, esp. commodity currencies and also EURUSD.
• Tuesday morning LON 7am German GDP, afternoon 3pm US New Home Sales; both are light data.
Next Step:
• Since there should be limited area for rehearsal before Jackson Hole symposium, I expect EURUSD test the strong resistance area 1.1750-1.1765 and has some up and down around there, close around 1.1763~ 1.1638 area.
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