Monday 7.26, for the past 24 hours:
• EURUSD has dropped -2 pips against the previous day close;
• ↓ 32 pips High & Low extreme move, vs. 53.7 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.9 -> 5.2 MEDIUM of late session
• EUR in early session MEDIUM 4.5 -> 4.5 MEDIUM of late session
Market Focus & Moods:
• The euro continues to trade in a narrow range 150 pips in the past three weeks. Some ECB talk did the rounds but no one thinks they're going to make any real moves on policy for ages so it didn't move the needle. As we count down the final minutes of trading, EUR/USD is flat on the day and didn't make much of an effort on either side.
• Monday, 9am LON time, German IFO Business Climate; Afternoon, 3pm US New Home Sales, 4:30pm Bill Auction, 6pm 2 Year Note Auction.
Next Step:
• Since Wednesday is for Fed's rate decision, I expect light movement downwards before it, a test 1.1750 again, then 1.1730-25 and close around 1.1750 ~ 1.1725 area.
• EURUSD has dropped -2 pips against the previous day close;
• ↓ 32 pips High & Low extreme move, vs. 53.7 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 5.9 -> 5.2 MEDIUM of late session
• EUR in early session MEDIUM 4.5 -> 4.5 MEDIUM of late session
Market Focus & Moods:
• The euro continues to trade in a narrow range 150 pips in the past three weeks. Some ECB talk did the rounds but no one thinks they're going to make any real moves on policy for ages so it didn't move the needle. As we count down the final minutes of trading, EUR/USD is flat on the day and didn't make much of an effort on either side.
• Monday, 9am LON time, German IFO Business Climate; Afternoon, 3pm US New Home Sales, 4:30pm Bill Auction, 6pm 2 Year Note Auction.
Next Step:
• Since Wednesday is for Fed's rate decision, I expect light movement downwards before it, a test 1.1750 again, then 1.1730-25 and close around 1.1750 ~ 1.1725 area.
