A couple weeks after Brexit, the EURUSD continues within the range set on June 24, 2016 with this latest week closing very near its Monday open.
In overall form, the week was pretty similar to a week that follows a flat range:
With Friday being the largest range day of the week and taking the typical downturn when Friday is the largest:
The upcoming week tends towards either a large range Wednesday, Thursday, or Friday. With Wednesday and Friday being the strongest candidates.
First, following the LRD of Friday, and not considering the flat week we get:
With Wednesday and Friday being the largest, and the bulk of the week trading in a tight range.
Considering the flat week as well we see:
Both have consensus on a downturn and rally on Wednesday with both weeks closing at highs, with the latter being flatter. Wednesday or Thursday tends to mark the low of the week.
Wednesday makes the best candidate for a short, while the best long move tends to be after mid-Thursday declines.