Talking Points
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD fell to a multi-month low this week before rebounding
- The lack of volume on the decline over the past few weeks is a concern and unsupportive of a broader decline
- However, a generally weak daily OBV supports a further decline
- A close back over 1.1100 on above average volume is needed to turn the outlook positive again on the euro
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY stalled out this week near the mid-June highs
- The low volume on the recent advance raises concern about a potential secondary high
- The lack of strength in daily OBV is also a concern
- A close under 123.00 on above average volume would turn us negative on the pair
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD stalled out below 1.5700 this past week
- The lack of turnover on the decline is a concern
- However, the sharp decline is daily OBV is supportive of potential broader downside resumption
- A daily close above 1.5700 on above average volume is needed to turn the outlook more favorable for the pound
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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX
