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The Weekly Volume Report: Euro Decline Resume But Volume Still Missing

The Weekly Volume Report: Euro Decline Resume But Volume Still Missing

2015-03-06 15:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: Euro Decline Resume But Volume Still Missing

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD surpassed the late January lows to trade at its lowest level in 11 years this past week
  • The lack of volume on the break to new lows is a concern
  • However, the sharp decline in daily OBV is clearly supportive of a trend resumption
  • A close above 1.1180 on above average volume would shift attention higher

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Euro Decline Resume But Volume Still Missing

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY continues to consolidate around 120.00
  • The lack of volume during the push higher at the start of February continues to be a concern
  • The lack of momentum on in daily OBV is also potential negative for bulls
  • A close under 118.40 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Euro Decline Resume But Volume Still Missing

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has come under steady pressure over the past week
  • Volume has picked up on the decline supporting the notion of a broader downside resumption
  • The fall in daily OBV to new cycle lows also supports decline
  • A daily close above 1.5350 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.

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