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Price & Time: Euro Correction Already Over?

Price & Time: Euro Correction Already Over?

2015-03-19 12:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • USD/JPY holds above key moving average
  • GBP/USD rebounds sharply from multi-year lows
  • EUR/USD intraday volatility continues

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Euro Correction Already Over?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY traded at its lowest level in three weeks yesterday before finding support around the 50-day moving average in the 119.30 area
  • Our near-term trend bias is positive while above 119.30
  • A move through 121.00 is needed to re-instill upside momentum in the exchange rate
  • A minor turn window is seen here
  • A close below 119.30 would turn us negative on USD/JPY

USD/JPY Strategy: Like the long side while above 120.00 (close).

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*120.30

120.50

120.55

121.00

*122.00

Price & Time Analysis: GBP/USD

Price & Time: Euro Correction Already Over?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD touched its lowest level in over four and a half years on Wednesday before rebounding five big figures
  • Our near-term trend bias is now higher in Cable while above 1.4720
  • Traction over 1.5050 is needed to set off a new leg higher in the rate
  • A very minor turn window is seen early next week
  • A close below 1.4720 would turn us negative on the pound again

GBP/USD Strategy: Square

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.4720

1.4800

1.4910

*1.5050

1.5140

Focus Chart of the Day: EUR/USD

Price & Time: Euro Correction Already Over?

The question on everybody’s mind after yesterday’s Fed inspired squeeze on USD long positons is whether that was it and the dollar can now resume higher or does the correction have more room to run? Judging by the action this morning it seems the market is scared of missing out on the next leg higher in the Greenbck as several pairs have already returned to pre-FOMC levels. Only time will tell whether this is the case, though it would be unusual to not see at least a period of minor consolidation first after such extreme volatility. In the euro, the 1.0550 area looks key with traction under this zone needed to confirm that a downside resumption is indeed underway. A move back over 1.0920 would warn that the correction has more room to run.

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

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.

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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