8.18 EURUSD Daily Review & Outlook
Wednesday 8.18 , for the past 24 hours:
• EURUSD has dropped 69.4 pips against the previous day close;
• ↓ 78.2 pips High & Low extreme move, vs. 52.7 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session STRONG 6.7 -> 8.5 STRONG of late session
• EUR in early session MEDIUM 4.5 -> 2.0 WEAK of late session
Market Focus & Moods:
• US retail sales disappoint but dollar rises anyway. The EURUSD's decline took the price to within five or so pips of its 2021 low at 1.17035. In the new trading day, a move below the low should open up the door for further downside momentum.
• Wednesday, morning 10am LON EU CPI, afternoon 1:30pm US Building Permits, 7pm FOMC Minutes;
Next Step:
• I expect a test lower support 1st 1.1685 and 2nd 1.1655 , upside 1.1725; close above 1.1650.
• EURUSD has dropped 69.4 pips against the previous day close;
• ↓ 78.2 pips High & Low extreme move, vs. 52.7 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session STRONG 6.7 -> 8.5 STRONG of late session
• EUR in early session MEDIUM 4.5 -> 2.0 WEAK of late session
Market Focus & Moods:
• US retail sales disappoint but dollar rises anyway. The EURUSD's decline took the price to within five or so pips of its 2021 low at 1.17035. In the new trading day, a move below the low should open up the door for further downside momentum.
• Wednesday, morning 10am LON EU CPI, afternoon 1:30pm US Building Permits, 7pm FOMC Minutes;
Next Step:
• I expect a test lower support 1st 1.1685 and 2nd 1.1655 , upside 1.1725; close above 1.1650.
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