All Well in Euroland? EUR/USD Needs 1.3770/80, EUR/JPY Needs 141.55
- EURUSD clears important 1.3770 hurdle.
- EURJPY must close above 141.45 for bulls to reengage the trend.
- US economic data on Friday unlikely to dislocate unless significant divergence.
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The EURUSD has been frustrating the past few days - mainly because it's been chopping around in a tight ~100-pip range since mid-February. Although the pair broke 1.3680 to the downside earlier this week, failure to close below on Wednesday and a Hammer reversal pattern on Thursday has helped carry EURUSD to fresh yearly highs.
In EURJPY, price has already been rejected by the 140.80/141.45 zone this week, and we look to this area of interest over the past two months as a necessary hurdle before bulls reengage the longer-term uptrend.
--- Written by Christopher Vecchio, Currency Analyst
To contact Christopher Vecchio, e-mail email@example.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.