7.28 EURUSD Daily Review & Outlook
Wednesday 7.28, for the past 24 hours:
• EURUSD has risen 15 pips against the previous day close; hit both high low targets set yesterday, and stand above target area.
• ↑ 71.2 pips High & Low extreme move, vs. 55.4 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.0 -> 4.0 MEDIUM of late session
• EUR in early session MEDIUM 5.9 -> 5.1 MEDIUM of late session
Market Focus & Moods:
• The dollar was sold throughout the day and particularly into the London fix, where it fell +50 pips, including a particularly hard fall against the pound. EURUSD has been locked in a 1.1750-1.1900 range for a month and now we're back square in the middle at 1.1818 after touching a two-week high. This pair need some kind of catalyst to a direction.
• Wednesday, the driving factor is Fed decision and a growing belief we will get some dovish hints, or at least a few nods to delta risks. The debate is still live on transitory inflation or not.
Next Step:
• It's difficult to forecast a pattern or target for Fed's decision day, esp. timing at 7pm LON, not enough time left for the market. So, I have no bias before the moment. Upside resistance 1.1827-1.1841 , downside support area 1.1810-1.1792.
• EURUSD has risen 15 pips against the previous day close; hit both high low targets set yesterday, and stand above target area.
• ↑ 71.2 pips High & Low extreme move, vs. 55.4 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.0 -> 4.0 MEDIUM of late session
• EUR in early session MEDIUM 5.9 -> 5.1 MEDIUM of late session
Market Focus & Moods:
• The dollar was sold throughout the day and particularly into the London fix, where it fell +50 pips, including a particularly hard fall against the pound. EURUSD has been locked in a 1.1750-1.1900 range for a month and now we're back square in the middle at 1.1818 after touching a two-week high. This pair need some kind of catalyst to a direction.
• Wednesday, the driving factor is Fed decision and a growing belief we will get some dovish hints, or at least a few nods to delta risks. The debate is still live on transitory inflation or not.
Next Step:
• It's difficult to forecast a pattern or target for Fed's decision day, esp. timing at 7pm LON, not enough time left for the market. So, I have no bias before the moment. Upside resistance 1.1827-1.1841 , downside support area 1.1810-1.1792.
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