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Price & Time: Key Level Awaits The Euro

Price & Time: Key Level Awaits The Euro

2014-12-10 13:15:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Key Level Awaits The Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has turned sharply lower from the multi-year high recorded on Monday just under 122.00
  • Aggressive weakness under the 2nd square root relationship of the year’s high at 119.60 has turned us negative on the exchange rate
  • The 118.50 area is an important downside pivot with a close below needed to confirm that a new leg lower is underway
  • A very minor turn window is eyed on Friday
  • A close over 120.70 would turn us positive again on USD/JPY

USD/JPY Strategy: Square.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*118.50

119.00

119.25

119.60

*120.70

Price & Time Analysis: GBP/USD

Price & Time: Key Level Awaits The Euro

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD remains in consolidation mode above the 200% extension of the mid-October recovery
  • Our near-term trend bias is lower in Cable while below 1.5730
  • A close under 1.5560 is needed to signal a resumption of the broader decline
  • A minor turn window is seen on Friday
  • A close above 1.5730 would turn us positive on the pound

GBP/USD Strategy: Like the short side while under 1.5730

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.5560

1.5625

1.5680

*1.5730

*1.5780

Focus Chart of the Day: EUR/USD

Price & Time: Key Level Awaits The Euro

EUR/USD is starting to show some pretty clear signs of fatigue as divergences are popping up all over the place – most notably in daily On-Balance-Volume and Rate-of-Change. Our cyclical analysis also suggests that the euro is vulnerable to a reversal around this time so we are definitely on the lookout for any signs of a near-term change in trend. From a price perspective the 1.2460/70 area looks absolutely critical as it marks a convergence of the 2nd square root relationship of the year’s low and the 1x2 Gann angle line of the year’s high. The 1x2 angle line has proven formidable resistance over the past couple of months as all recovery attempts have been repelled from somewhere around this level. A close over this level would signal an important change in behavior and set the stage for a more serious counter-trend advance in the weeks ahead.

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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.

--- 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.

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