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A strong day for the euro across the complex, with the single currency shrugging off the result of the Italian referendum.

And for intra day trading, it's really been a case of watching your benchmark chart and tracking your faviourite euro pair higher. But it's been the eurjpy which is the stand out performer in the euro complex, moving in an impressive 400+ pip range, but which has triggered a volatility candle on the daily chart.

Eur/jpy reaction to the volatility has been a swift retreat to within the spread of the candle, and we need to see if the pair can maintain today's bullish momentum going into the Asian session. What is interesting is that today's price action reversed a handful of pips shy of the 3rd camarilla resistance level at 123.25, since when price has pulled back below the 2nd camarilla resistance at 122.55. The next major support comes in at 121.86 which sits in a price region eur/jpy sold off earlier this year.

As I explained in last week's webinar the camarilla levels on the daily eur/jpy chart will remain in place for the rest of December, and are a great way of giving my normal support & resistance a degree of hierarchy. Two levels to watch & which will help to determine direction for the pair.

And while writing, eur/usd has also posted a volatility candle on the daily chart. ... See MoreSee Less

A strong day for the euro across the complex, with the single currency shrugging off the result of the Italian referendum. 

And for intra day trading, its really been a case of watching your benchmark chart and tracking your faviourite euro pair higher. But its been the eurjpy which is the stand out performer in the euro complex, moving in an impressive 400+ pip range, but which has triggered a volatility candle on the daily chart.

Eur/jpy reaction to the volatility has been a swift retreat to within the spread of the candle, and we need to see if the pair can maintain todays bullish momentum going into the Asian session. What is interesting is that todays price action reversed a handful of pips shy of the 3rd camarilla resistance level at 123.25, since when price has pulled back below the 2nd camarilla resistance at 122.55. The next major support comes in at 121.86 which sits in a price region eur/jpy sold off earlier this year. 

As I explained in last weeks webinar the camarilla levels on the daily eur/jpy chart will remain in place for the rest of December, and are a great way of giving my normal support & resistance a degree of hierarchy. Two levels to watch & which will help to determine direction for the pair.

And while writing, eur/usd has also posted a volatility candle on the daily chart.

Serkan Öztürk, Alex J Chase and 5 others like this

Dave BlakeThanks Anna

4 days ago   ·  1

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Alex J ChaseThanks Anna. Enjoying your book for beginners.

4 days ago

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Just to round off on politics, sigh of relief in Europe as far right Presidential candidate was defeated in Austria, but the real test for Europe will come with the French elections next year. Any sniff of a win for Marine Le Pen will really put the cat among the EU pigeons!

And, of course, Greece has never gone away - bailout deadline looms

uk.reuters.com/article/uk-eurozone-greece-eurogroup-idUKKBN13U02O ... See MoreSee Less

Turnout for Italian referendum is supposed to be just under 60% which for Italy is high. Which side will benefit depends on demographics, and the degree to which Italians are fed up with the status quo. Generally, Italians very positive towards EU, but not the straight jacket of the euro. In the good old days whenever Italy needed to boost exports, Lira was devalued (another zero was added) & voila' we were all millionaires. At 2000 Lira to gbp it only took £500!

In a previous existence David & I were owed 7.5m Lira & we needed a wheelbarrow for the money!

Reaction, of course, will be in the euro complex, where we have some divergence in sentiment, with only eur/usd and eur/jpy closing modestly higher.

So should be a lively start to this week's trading. ... See MoreSee Less

Rolf Roepke, Mc Swak and 6 others like this

Ari Sidiropoulospressure for the euro!

5 days ago

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eurusd ahead of Italian referendum - looking to test bottom of its 27 month range at 1.0518 & a failure here will take the pair to 1.0459. ... See MoreSee Less

eurusd ahead of Italian referendum - looking to test bottom of its 27 month range at 1.0518 & a failure here will take the pair to 1.0459.

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