Daily EUR/JPY, EUR/USD Stochastics, MACD Point to Potential Sells
- EURJPY pressing lowest levels since February.
- EURUSD technical indicators point to weakness.
- July forex seasonals in QE era still working against greenback, however.
The Euro hasn't been able to clear its pre-ECB highs from last week, and now technical sell signals may be cropping up. Of the two major EUR-crosses, neither EURJPY nor EURUSD has made much progress to the topside the past week, perhaps due to reintroduced Euro-Zone debt crisis sentiment surrounding Portuguese bank Espirito Santo missing a debt payment.
Whether or not this is simply a one-off event in the Euro-Zone or the beginning of a bigger trend - more banks struggle in the lead up to the ECB's stress tests (AQR) being finalized - the Euro looks like it is in a precarious position either way.
In the video above, we discuss the 'macro' level view of all things Euro, including how weakness across the spectrum in EURGBP, EURJPY, and EURUSD is starting to gather pace. Notably, we discuss the implications of the daily Slow Stochastics and MACD sell signals that have appeared in EURJPY and EURUSD.
--- 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.