Trading Video: Gauging EURUSD, GBPUSD and Yen Reversals
• EURUSD hasn't waited for Thursday's big ticket event risk to clear critical support
• Risk trends refuse to yield, but that may not save the Yen crosses
The chance of reversal among the major FX pairings is growing. As a benchmark, EURUSD has foregone its impending event risk and already put in for a key technical break. Are the development of medium-term fundamental themes - like the Fed's slow shift towards rate hikes and the ECB's stimulus lean - finally catching up to price action? Or is this a unique circumstance? With GBPUSD - and many of the pound crosses - so close to reversing their own trend with the BoE Quarterly report ahead and risk trends showing their telltale lack of conviction, this is an important question we discuss in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.