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USDOLLAR at Key Resistance - Reaction to Provoke EUR/USD, AUD/USD

USDOLLAR at Key Resistance - Reaction to Provoke EUR/USD, AUD/USD

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD slips below $1.2704/15 support zone.

- No longs in GBPUSD unless above $1.6260.

- Euro Faces Economic Headwinds with Weakening German, Euro-Zone PMIs

Volume levels are lower in the major FX pairs to start the week, but that may be a function of markets not having anything to chew on. Panicky headlines regarding the spread of ebola, economic growth in the Euro-Zone, and geopolitical hotspots have calmed in recent days, and alongside a diminished economic calendar to start the week, fear has given way to optimism anew.

Whether or not the jubliation in risk assets can continue indefinitely remains to be seen. Now that the economic calendar is opening up to more significant event risk in the second half of the week, FX markets are likely to be a bit more volatile again.

See the above video for technical considerations in all of the USD majors as the broad USDOLLAR Index attempts to punch through intermediate swing resistance.

Read more: USD Attempts to Fight the Correction - Levels in EUR/USD, USD/JPY

--- Written by Christopher Vecchio, Currency Strategist

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