Trading Video: EURUSD, Yen Cross and US Equities Threaten Breaks
• In the wake of heavy US, European and Japanese event risk; many markets have closed in on tech boundaries
• Proximity to breakouts however does not insinuate conviction has build up in tandem
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A heavy round of event risk from US 1Q GDP to Eurozone inflation to the BoJ rate decision has left us closer to the extremes of recent technical patterns. Yet proximity to breakouts does not ensure their progress. Interest rate expectations and risk trends have shifted, but conviction is still falling short of the level necessary to incite change. Yet, just because the recent round of data didn't satisfy our appetite for an immediate burst of volatility doesn't mean we it won't contribute to the next swing. In today's Trading Video, we discuss this past session's event risk, what lies ahead and the likely fate of these prominent technical patterns.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.