Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

DailyFX Home / Video / Daily News Report

Weighing EURJPY and EURUSD Breakouts on ECB Decision

By , Chief Currency Strategist
06 September 2012 01:23 GMT

Range-based setups were the preferred approach through the first half of this week. Now, we have to shift gears to breakout candidates to account for our first major fundamental catalyst since the Summer Doldrums ended: the ECB rate decision. The EURUSD may seem the ideal candidate - and it does offer a distinct opportunity one volatility influx that carries us through 1.2625 or 1.2500. However, EURJPY is arguably the superior option given its clear levels and tempered exposure to NFPs immediately after the ECB. Furthermore, you should watch the ECB decision whether trading Euro-based pairs or not. There are risk trend ramifications that can translate into heavy moves for the likes of AUDUSD, the S&P 500 and gold amongst others.

06 September 2012 01:23 GMT