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
Mixed
GBP/USD
Bullish
USD/JPY
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
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • What is #forex risk management? As a trader why is it important to know the basics of it? https://t.co/M9R46rmPUK #tradingstyle https://t.co/C34oD6U8in
  • EUR/GBP has plummeted to a 19-month low while GBP/CAD and GBP/USD are re-testing critical resistance channels. $GBPAUD has reached a three-year high but will upside momentum last? Get your market update from @ZabelinDimitri here:https://t.co/TqzxCRSnjN https://t.co/voYGKUwE8g
  • RT @ReformedBroker: “The digital yuan China is planning is in fact a complete inversion of the bitcoin model. All of the data created would…
  • The $CAD rose on a hopeful tone from the Bank of Canada, but the largest risk to the central bank’s outlook remains unresolved. NZD/CAD has rallied. Will AUD/CAD follow as CAD/JPY sinks? Get your market update from @ddubrovskyFX here: https://t.co/AairskIHA5 https://t.co/f53ZzloW4u
  • The latest UK General Election opinion polls continue to show the Conservative Party holding a strong lead over Labour and point to Boris Johnson winning a working majority in Parliament. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/qF04EOUWkI https://t.co/LNl4bXbnpp
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
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
Share:

Talking Points

Get real time volume on your charts for free. Click HERE

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.

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

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.

DISCLOSURES

News & Analysis at your fingertips.