With the CPI numbers coming out of the EU, the construction PMI numbers coming out of the United Kingdom, and of course the FOMC minutes, it’s likely that we have an opportunity for short-term volatility during the day on Wednesday. With this in mind, we are looking at the following three assets:
DAX
The German index has broken out to the upside on Tuesday, clearing the €11,500 level with ease. As we pull back on short-term charts, it’s likely the call buyers will be interested in picking up a little bit of value. The buyers are all but gone at this point.
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EUR/USD
The EUR/USD pair continues to look very negative at the moment, as put buyers continue to run the show. Because of this, every time we rally put buyers will probably get it interested yet again, and call buyers will be difficult to find. Currently looks as if the market is trying to break down below the recent lows and reach towards parity below.
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USD/JPY
The US dollar rallied against the Japanese yen on Tuesday again as we continue to reach towards the 120 handle. Every time we pull back call buyers seem to be interested in getting involved, and that should continue to be the case based upon the charts. Put buyers are all but dead in the water at this point, and 120 seems to be more or less a given.
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