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
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Gold
Bearish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: -0.07% Germany 30: -0.13% Wall Street: -0.33% US 500: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/LkYHBL0dUI
  • JPY BOJ Kuroda: Will closely examine prices, economy at next meeting
  • CHF Switzerland Aug Exports MM Actual: -4.4% Previous: -1.2% Imports MM Actual: 1.0% Previous: -0.5% Swiss Watch Exports YY Actual: 1.5% Previous: 4.7%
  • European Opening Calls: From IG #FTSE 7299 -0.20% #DAX 12384 -0.04% #CAC 5621 +0.01% #IBEX 9046 +0.16% #STOXX 3529 +0.03%
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/72SjAaa27X
  • My trading video for today: $Dollar and S&P 500 Strategy for the #FOMC Rate Decision' https://www.dailyfx.com/forex/video/daily_news_report/2019/09/19/Dollar-and-SP-500-Steady-After-Fed-Cut-Monetary-Policy-Remains-Top-Concern.html?utm_source=Twitter&utm_medium=Kicklighter&utm_campaign=twr
  • How can you avoid #FOMOintrading with easy seven steps to creating a trading plan? Find out from @RichardSnowFX here: https://t.co/y2UvtIRZAG https://t.co/mBzJBviQDO
  • 🇯🇵 (JPY) All Industry Activity Index (MoM) (JUL), Actual: 0.2% Expected: 0.2% Previous: -0.7% https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.35%, while traders in France 40 are at opposite extremes with 83.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SXDGRBOC4e
  • Heads Up:🇯🇵 JPY All Industry Activity Index (MoM) (JUL) due at 04:30 GMT (15min), Actual: N/A Expected: 0.2% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2019-09-19
Weekly Price & Time: Euro Breaks Out, But Not Out of the "Woods"

Weekly Price & Time: Euro Breaks Out, But Not Out of the "Woods"

2014-03-07 16:30:00
Kristian Kerr, Sr. Currency Strategist
Share:

Talking Points

  • EUR/USD prints new multi-year high
  • USD/JPY trades at highest level in over a month
  • GOLD entering critical time period

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

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_MAR_7_body_Picture_3.png, Weekly Price & Time: Euro Breaks Out, But Not Out of the "Woods"

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded to its highest level in almost two and a half years this week
  • A weekly close above the 2013 closing high near 1.3800 will shift our trend bias to positive
  • A convergence of the 50% retracement of the 2008/2010 decline and the 127% extension of the 1Q13 move lower near 1.3955/70 is important resistance and needs to be convincingly overcome to signal the ‘all clear’ for a more important run higher
  • The next cycle turn window of importance is seen around the middle of March

Weekly EUR/USD Strategy: Looking to buy on weakness.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3640

1.3765

1.3860

*1.3955/70

1.4000

Weekly Price & Time Analysis: USD/JPY

WPT_MAR_7_body_Picture_2.png, Weekly Price & Time: Euro Breaks Out, But Not Out of the "Woods"

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded at its highest level in over a month on Friday
  • Our broader bias is negative in the rate while below 104.40
  • The 101.35 level is a key downside pivot that needs to be broken in order to re-instill downside momentum
  • A cycle turn window is seen around the middle of the month
  • A weekly close back over 104.40 would turn us positive again on USD/JPY

Weekly USD/JPY Strategy: We like tactical short positions in USD/JPY while below 104.40 on a weekly close basis.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.35

102.35

103.20

103.75

*104.40

Weekly Price & Time Analysis: GOLD

WPT_MAR_7_body_Picture_1.png, Weekly Price & Time: Euro Breaks Out, But Not Out of the "Woods"

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD touched its highest level since late October this week before running into resistance near the 2ndsquare root relationship of the August high near 1357
  • Our broader trend bias remains positive in the metal while above the 1x2 Gann angle line of the 2013 closing low now near 1300
  • The 1357 level is key resistance with a close over this level needed to signal that a more important move higher is unfolding
  • The middle of the month looks important for the metal from a cycle perspective with March 12th and 17th looking particularly key
  • A daily close under 1300 would turn us negative on Gold

Weekly XAU/USD Strategy: Like being long while over 1300.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1300

1321

1339

*1357

1377

--- 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 receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

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

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

DISCLOSURES

News & Analysis at your fingertips.