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Forex Trading StrategiesEURUSD broke range!
Big levels were taken out yesterday both 1.2092 and 1.2135 in EURUSD and USDJPY broke 117.00, as dollar weakness was seen across the board
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US CPI Feb, 0.1% as expected, ex food and energy 0.1% vs. 0.2% expected.
â€˘ US housing starts Feb, 2120K vs. 2030K expected.
â€˘ US Initial job claims 309K vs. 298K expected.
â€˘ Philadelphia Fed. March 12.3 vs. 13.5 expected.
â€˘ Japanese leading and coincident indices were revised down to 81.8 and 95.0, but both still high.
THEMES TO WATCH â€“ UPCOMING SESSION
We finally broke the death zone in EURUSD, we have mentioned throughout the week, 1.1820-1.2092 range and with mot much data to move the markets today it will be interesting to see if we can maintain the weaker dollar outlook, which will help us trend wise looking at the upcoming week.
An interesting observation in USDJPY overnight. The pair went lower despite EURUSD showing consolidation, which gives reason to believe that further weakness in the dollar could push the USDJPY significant lower. So a pair we will watch close through the upcoming trading sessions.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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