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USDOLLAR Triangle Lingers as EUR/USD Breaks its ST Uptrend

USDOLLAR Triangle Lingers as EUR/USD Breaks its ST Uptrend

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDOLLAR Index remains in symmetrical triangle post-NFPs.

- EURUSD and GBPUSD head in opposite directions.

- See the May forex seasonality report.

The April US jobs report on Friday was a bit of a mixed report - good, not great, and certainly with some lacking areas - but it might just be good enough to stem the bleeding in the US Dollar's selloff that's materialized since mid-April. A return to jobs growth north of +200K could help alleviate immediate concerns that the US economy is backsliding into a recession, allowing traders to refocus their energies elsewhere. In the short-term, this includes Greece once more, as the Eurogroup meets today to hammer out a statement of progress and framework for capital injections/financing going forward. It's tough to believe, but the extension deal reached in February runs out in three-weeks, bringing back the dreaded 'Grexit' conversation to the table.

See the above video for technical considerations in EURUSD, EURJPY, and the USDOLLAR Index.

Read more: Euro Rally Fueled by Rising Yields as Economic Momentum Cools

--- 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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