The Weekly Volume Report: Euro Decline Resume But Volume Still Missing
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Talking Points
EUR/USD falls to 11-year low
USD/JPY consolidation continues
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Daily Volume Chart: EUR/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
EUR/USD surpassed the late January lows to trade at its lowest level in 11 years this past week
The lack of volume on the break to new lows is a concern
However, the sharp decline in daily OBV is clearly supportive of a trend resumption
A close above 1.1180 on above average volume would shift attention higher
Daily Volume Chart: USD/JPY
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY continues to consolidate around 120.00
The lack of volume during the push higher at the start of February continues to be a concern
The lack of momentum on in daily OBV is also potential negative for bulls
A close under 118.40 on above average volume would turn us negative on the exchange rate
Daily Volume Chart: GBP/USD
Charts Created using Marketscope – Prepared by Kristian Kerr
GBP/USD has come under steady pressure over the past week
Volume has picked up on the decline supporting the notion of a broader downside resumption
The fall in daily OBV to new cycle lows also supports decline
A daily close above 1.5350 on above average volume would turn us positive on Cable
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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
To contact Kristian, e-mail kkerr@fxcm.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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