Thursday 8.12, for the past 24 hours:
• EURUSD has risen 21 pips against the previous day close; hit target set yesterday.
• ↑ 48 pips High & Low extreme move, vs. 53.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.2 -> 2.3 WEAK of late session
• EUR in early session MEDIUM 6.3 -> 4.1 MEDIUM of late session
Market Focus & Moods:
• The CPI report were close to expectations all around but because inflation has stopped rising the market quickly took the view that inflation has crested. The response was a sharp selloff in the dollar that caught many by surprise. It fell 20 pips across the board initially and then added another 10-20 in the following 15 minutes. EURUSD Overall the day is a corrective day (of the recent run to the downside) but with the sellers remaining more in control below the 100 hour moving average.
• Thursday, morning European industrial Production at 10am LON, 1:30pm US Initial Jobless Claims and PPI.
Next Step:
• I expect a consolidation of retracement, it would give key clues for next step.
• So I hold no bias, upside 1st resistance 1.1754, 2nd resistance 1.1765-1.1770, 3rd up to 1.1795; downside 1st support 1.1725, then 1.1700 strong support area. Open guess for close area.
• EURUSD has risen 21 pips against the previous day close; hit target set yesterday.
• ↑ 48 pips High & Low extreme move, vs. 53.3 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session MEDIUM 6.2 -> 2.3 WEAK of late session
• EUR in early session MEDIUM 6.3 -> 4.1 MEDIUM of late session
Market Focus & Moods:
• The CPI report were close to expectations all around but because inflation has stopped rising the market quickly took the view that inflation has crested. The response was a sharp selloff in the dollar that caught many by surprise. It fell 20 pips across the board initially and then added another 10-20 in the following 15 minutes. EURUSD Overall the day is a corrective day (of the recent run to the downside) but with the sellers remaining more in control below the 100 hour moving average.
• Thursday, morning European industrial Production at 10am LON, 1:30pm US Initial Jobless Claims and PPI.
Next Step:
• I expect a consolidation of retracement, it would give key clues for next step.
• So I hold no bias, upside 1st resistance 1.1754, 2nd resistance 1.1765-1.1770, 3rd up to 1.1795; downside 1st support 1.1725, then 1.1700 strong support area. Open guess for close area.
