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EUR/JPY, EUR/USD Triangles Continue to Develop Downside Potential

EUR/JPY, EUR/USD Triangles Continue to Develop Downside Potential

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURJPY, EURUSD triangles begin to favor more downside.

- EURGBP double top remains valid towards 0.7063.

- See the April forex seasonality report.

Short-term technical indicators are close to turning outright negative for various EUR-crosses. For EURJPY and EURUSD, this potentially means continuation outside of their recent triangls after breaking the uptrends from last week's lows (although in EURUSD, a longer-term triangle may be in the works). For EURGBP, we've seen the key topside resistance level respected throughout the consolidation, keeping the double top intact.

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

Read more: EUR/USD Appeal Due to Covering Potential, Not Yield Prospects

--- 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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