In the forex space it was all about JPY strength and EUR weakness overnight, with EUR/USD testing the former downtrend drawn from the 2008 high of 1.3820

Chris Weston

Pepperstone

In the forex space it was all about JPY strength and EUR weakness overnight, with EUR/USD testing the former downtrend drawn from the 2008 high of 1.3820. Mario Draghi joined a number of peripheral Europe dominated ECB members in flagging that the EUR is creating a headwind for the European economy. Throughout January and February we saw solid resistance around the 141 level (on EUR/JPY) and after breaking through this level after the recent ECB meeting, we are now seeing EUR/JPY push back through. We will see how the close fares, but as things stand the pair is trading through the 38.2% retracement of the February to March rally at 140.92. A close below here could target the March 3 low of 139.15.


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Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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