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EUR/USD and EUR/JPY Wait for ECB for Breakout Spark

EUR/USD and EUR/JPY Wait for ECB for Breakout Spark

2014-03-05 12:35:00
Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD remains in the broader 1.3680/1.3770 range for the past three weeks.

- ECB meeting tomorrow should help EURUSD and EURJPY break ranges.

- US economic data back in focus next three days.

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

EURUSD remains constrained by its range from early-February - we'll be looking for moves outside of 1.3640/80 and 1.3770/820 to determine the breakout direction.

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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