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The Weekly Volume Report: Downside Resolution in the Euro?

The Weekly Volume Report: Downside Resolution in the Euro?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD low volume consolidation favors trend continuation
  • USD/JPY OBV continues to support the uptrend
  • GBP/USD OBV remains a negative

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Downside Resolution in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD remains in consolidation mode above the year-to-date low at 1.2356
  • Below average daily volume levels during this consolidation favor an eventual downside resolution
  • Recent turn down of daily On-Balance-Volume (OBV) a potential negative
  • A move over 1.2575 on above average volume is required to shift attention higher

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Downside Resolution in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded to a new 7-year high this week just shy of 119.00
  • Uptick in daily volume figures at new high is supportive of the advance
  • OBV continues to support the trend
  • A close under 116.80 on above average volume would turn us negative on USD/JPY

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Downside Resolution in the Euro?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD traded at a new low for the year this week
  • Daily volume figures have been below trend and not supportive of the push to new lows
  • However, accompanying new lows in OBV is seen as supportive of the downtrend
  • A daily close back over 1.5800 on above average volume would turn us positive on Cable

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

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