Euro and yen battle to standstill
For the past eight trading days, the euro and yield have vied for the top of the currency heap.
The battle has carved out a minor wedge consolidation pattern on the daily chart. A break to the downside would signal another round of fears and a rally would indicate calm.
It's as good of a barometer as anything for what's coming next in markets.
Bids:
- 127.69 - today's low
- 127.50 - medium demand
- 127.31 - Jan 11 low
- 127.10/00 - modest demand
- 126.79 - 2016 low
- 126.50 - strong demand
- 126.10 - April low
Offers:
- 128.42 - today's high
- 128.50 - medium offers
- 128.76 - Jan 14 high
- 129.00 - offers nearby
- 129.09 - Jan 8 high
- 129.45/50 - medium offers
- 129.77 - 38.2% retracement of Dec/Jan decline
