EUR Trading Outlook (17-04-2015)

EUR/USD
• Fail at 1.0620/25 sup in Europe morning sess squeeze, NY opens ~1.0715
• NY adds to gains on worse than f/c claims data, 1.0770 tested
• Dip to 1.0685 on solid Philly Fed but dip bought as USD & US yields soft
• Pair recovers above 200-HMA, US yields & USD see drops in afternoon
• Dovish Fed comments seen, EUR/USD spikes >1.08, 21DMA pierced
• Little pullback seen as spreads tighten, RSIs biased up

USD/JPY
• Horrible US Housing data threatens a USD/JPY sub-Cloud close (118.94)
• 118.94 is also 50% of the Jan-Mar rise to 122.04, adding weight
• Even Philly Fed’s tiny HL beat marred by weakest New Ords since May 2013
• Fed speakers on message, but Tsy yields & USD drifted lower anyway
• Mar 6 low at 118.33, 61.8% at 118.22 & Feb 16 low at 118.11 next props
• EUR/JPY in O/S rebound toward Tenkan & 50% of 131.30-126.08 at 128.69