EUR/JPY, EUR/USD Triangles Continue to Develop Downside Potential
- 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.
--- Written by Christopher Vecchio, Currency Strategist
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