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All Well in Euroland? EUR/USD Needs 1.3770/80, EUR/JPY Needs 141.55

All Well in Euroland? EUR/USD Needs 1.3770/80, EUR/JPY Needs 141.55

2014-02-28 13:15:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- 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.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

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 cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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