We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.30% 🇪🇺EUR: 0.07% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.24% 🇯🇵JPY: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6yhR5FFtZw
  • LIVE NOW: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.10%, while traders in US 500 are at opposite extremes with 68.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gvtwxfEvLB
  • Japan coronavirus response package: - Increase subsidy rates for firms to stem job losses - Allow 1 year tax payment delay for virus-shaken companies - Cut property tax to zero for smaller firms (BBG) #JPY #coronavirus
  • - Internal political rifts in Eurozone, #OPEC may be biggest Euro & Brent catalysts this week - Revived North-South tension in Eurozone may cause delays as Riyadh and Moscow dig in heels https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/06/Euro-Crude-Oil-May-Suffer-From-OPEC--Eurozone-Political-Rifts.html #oott
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/PVAmCCDR8w
  • LIVE IN 30 MIN: Join DailyFX Senior Strategist @IlyaSpivak LIVE as he discusses the outlook for the financial markets in the week ahead! https://www.dailyfx.com/webinars/889679267
  • Sharp move upward in AUDUSD with ASX 200 also sharply higher and Yen lower.
  • 🇦🇺 AUD TD Securities Inflation (YoY) (MAR), Actual: 1.5% Expected: N/A Previous: 1.6% https://www.dailyfx.com/economic-calendar#2020-04-06
  • RT @NAR: BREAKING | Abe set to declare coronavirus emergency for Japan https://t.co/WSk73dCs9Q
Price & Time: Euro Touches Highest Level Since October 2011

Price & Time: Euro Touches Highest Level Since October 2011

2014-03-07 13:00:00
Kristian Kerr, Sr. Currency Strategist
Share:

Talking Points

  • EUR/USD punches through key resistance to trade at multi-year high
  • USD/JPY overcomes key Gann level
  • Caution required in USD/CHF early next week

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_MAR_7_body_Picture_3.png, Price & Time: Euro Touches Highest Level Since October 2011

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded at its highest levels in almost 2 and a half years on Friday
  • Our near-term trend bias is higher in the Euro while over 1.3730
  • A move over the 50% retracement of the 2008/2010 decline and the 1.618% projection of the 1Q13 decline between 1.3955/70 would be further evidence of a more important break
  • A minor cycle turn window is seen around the middle of next week
  • Only a daily close below 1.3730 would turn us negative on the Euro

EUR/USD Strategy: Look to buy on weakness while 1.3730 holds.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3730

1.3830

1.3905

1.3940

*1.3970

Price & Time Analysis: USD/JPY

PT_MAR_7_body_Picture_2.png, Price & Time: Euro Touches Highest Level Since October 2011

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY finally broke above the 2nd square root relationship of the year’s low at 102.75 on Thursday to trade at its highest level in over a month
  • Our near-term trend bias is positive in the exchange rate while above 101.35
  • The 1x1 Gann angle line from the year’s high at 103.15 is clear resistance and a move over this level is needed to set off another leg higher
  • Early next week is a minor cycle turn window
  • A close under the 4th square root relationship of the year’s high at 101.35 would turn us negative on the exchange rate

USD/JPY Strategy: Like the long side while over 101.35.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.35

102.35

102.90

*103.15

103.75

Focus Chart of the Day: USD/CHF

PT_MAR_7_body_Picture_1.png, Price & Time: Euro Touches Highest Level Since October 2011

USD/CHF has come under renewed pressure over the past 24 hours to trade at its lowest level in almost two and a half years. Sentiment, not surprisingly, has turned rather negative on the exchange rate and most are now eyeing a deeper and immediate decline. February US non-farm payrolls could obviously prompt further losses, but we are cautious on the rate heading into next week as an important cycle turn window related to the August 2011 low is seen on Monday/Tuesday. We suspect this could slow the decline and possibly even reverse it. Key support levels to watch for a reaction are .8745, .8700 and .8665/80. Continued weakness (new yearly lows) after Tuesday would be very negative and further confirm the strength of the downtrend. Such a scenario would likely see weakness persist into the latter part of the month.

To receive Kristian’s analysis directly via email, pleaseSIGN UP HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES

News & Analysis at your fingertips.