Talking Points
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Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD fell to fresh 11-year lows this week under 1.1200
- Rising volume since the start of the year supports the trend
- New lows in daily OBV also support the downtrend
- A close above 1.1450 on above average volume will focus higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
- USD/JPY remains in consolidation mode below 122.00
- Decline in volume since early December suggests recent action is likely corrective
- However, lack of momentum in daily OBV is a warning sign that a deeper decline may be unfolding
- A close under 116.35 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
- GBP/USD fell to its lowest level in over a year and a half this past week
- Lack of volume on recent decline raises questions about the strength of the downtrend
- However, new lows in daily OBV is supportive of the decline
- A daily close over 1.5230 on above average volume would turn us positive on the pound
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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
