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