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Weekly Volume Report: Low Volume Euro Recovery Continues

Weekly Volume Report: Low Volume Euro Recovery Continues

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continues to trade in a choppy sideways to higher range
  • Below average volume during the advance of the past few weeks suggests the exchange rate is vulnerable to a broader trend resumption
  • However, the lack of divergence on daily OBV remains a potential positive
  • A close under 1.1065 on above average volume is needed to turn the outlook negative on the euro

Daily Volume Chart: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY consolidated above 122.50 this past week
  • Low volume during the recent move lower is supportive of the broader trend
  • Daily OBV needs to be watched closely on the next advance
  • A close under 121.40 on above average volume is needed to turn the picture negative

Daily Volume Chart: GBP/USD

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD traded to its highest level in 7-months this past week
  • Volume has been in general decline since mid-May
  • Above average volume during the move higher this week is a potential positive
  • A daily close below 1.5640 on above average volume is needed to turn the outlook negative 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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