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The Weekly Volume Report: High Turnover Euro Capitulation

The Weekly Volume Report: High Turnover Euro Capitulation

Kristian Kerr, Sr. Currency Strategist

Talking Points

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Daily Volume Chart: EUR/USD

The Weekly Volume Report: High Turnover Euro Capitulation

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD continues to trade in a sideways to lower range
  • Well above average volume spikes at recent lows warn of a possible near-term downside capitulation
  • The contraction in daily OBV suggests a directional spike is looming
  • A close back over 1.1240 on above average volume is needed to turn the outlook positive again on the euro

Daily Volume Chart: USD/JPY

The Weekly Volume Report: High Turnover Euro Capitulation

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under steady pressure over the past few weeks
  • However, volume has also declined during this time which suggests the decline is only a correction against the primary trend
  • The pickup in daily OBV is a concern
  • A close under 120.30 on above average volume would turn us negative on the pair

Daily Volume Chart: GBP/USD

The Weekly Volume Report: High Turnover Euro Capitulation

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD has come under steady pressure these past few weeks
  • Daily volume has also declined during this time which is not indicative of a broader downside resumption
  • However, the sharp drop in daily OBV is a concern
  • A daily close back over 1.5575 on above average volume is needed to turn the outlook positive on the pound again

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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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