EUR/USD and USD/JPY Coil for Event-Driven Breaks
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The Euro continues to weather the storm - today's disappointing German ZEW data did little to shake confidence in the common currency. With the FOMC meeting tomorrow, it's likely that (absent unexpected headlines) that price will consolidate. Over the past few months 1.3825 has been pivotal - a hold above this level is constructive for bulls.
USDJPY has been quelled despite the rebound in US equity markets; and a range between 101.20 and 101.95 has formed on the H1 chart at the start of this week. Using the K.I.S.S. strategy: long above 101.95; or short below 101.20.
--- Written by Christopher Vecchio, Currency Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.