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EUR-, GBP-crosses Near Critical Junctures in Emotional Environment

EUR-, GBP-crosses Near Critical Junctures in Emotional Environment

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD holding bottom of recent range - no break yet,

- EURGBP closing in on 2015 lows.

- See the February Forex Seasonality report and the implications for the majors.

Key technical levels are being tested, although the headline-driven nature of the market means random bursts of volatility re likely to be an important factor. In EURUSD, the $1.1260 level is coming back into focus the day ahead of the Eurogroup meeting on Greece. Not dissimilar from the pre-ECB leaks at the end of January, price over the next 24-hours is probably very susceptible to rumors and headlines, meaning any technical breakdown is suspect at best.

Then headlines around the British Pound are likely to be of a calmer nature, although the BoE's Quarterly Inflation Report on Thursday will likely be a bombshell. Irrespective of counterpart, several GBP-crosses are in consolidation phases that are poised for resolution by the end of the week. Active risk management is very important over the next few days.

See the above video for technical considerations in EURUSD, GBPUSD, EURGBP, GBPAUD, and GBPCAD.

Read more: Derisive Comments from Greek PM Fail to Inspire EUR-crosses

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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