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The Weekly Volume Report: Euro Rout Continues

The Weekly Volume Report: Euro Rout Continues

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Fresh multi-year low in EUR/USD
  • USD/JPY consolidation occurring on low turnover

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Euro Rout Continues

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

The Weekly Volume Report: Euro Rout Continues

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

The Weekly Volume Report: Euro Rout Continues

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

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

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