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Fed’s Daly says patience is needed to finish the job on inflation – By Greg Robb
Our friends @GTWO3 are looking for EUR/JPY to turn lower from the 162.00 area as the rally from 12/27 is short covering rather than new buyers …
EURJPY Daily Chart
Testing res at 161.86
Question is can EURJPY make a run at…
Key res 163.71 and 164.30
To do so, either USDJPY would need to move sharply higher, EURUSD would need to move sharply higher, a combination of the two or EURUSD would need to lag a sharp move up in USDJPY. It’s simple algebra.
Whatever the case, given broader USD trends, it would probably take JPY weakness for the key EURJPY resistance to come into play.
Our friends @GTWO3 remain of the opinion that March futures are bullish under 1.0750, as price decline from 12/28 high is longs liquidating, not new sellers
EURUSD – looking at the chart bellow, and in my own station, I have to admit that time wise – Rule of Thumb – there is a chance for the pair to break Up and change two months old trend ( Daily chart)
I am pretty sure that the solution will present itself after today’s data.
But what I also see is the fact that on the Monthly chart, the pattern suggests that we are in the early stages of a New Downtrend creation, that if comes through will open the road for as low as 0.75 area…Lots , I know…
Of course this is not helping in our daily trades, but just wanted to shine some light on the issue.
What I know for sure ( from the experience ) is that we can break above that downtrend line, even spend some time above 1.08 , but if that happens , 1.09450 will come up as a next level for unloading the EUR….and then we’ll all see clear downtrend forming .
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