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EURUSD
- EUR/USD remains in consolidation mode below 1.1500
- Declining volume during the recent rise suggests the advance is likely only corrective
- A lack of momentum in daily OBV also favors an eventual downside resolution
- A close above 1.1535 on above average volume will turn attention higher
- USD/JPY has come under steady downside pressure over the past week
- The lack of volume during the recent push higher raises concerns that consolidation is not yet finished
- The persistent decline in daily OBV over past few weeks is also a warning sign that a deeper decline may be unfolding
- A close under 116.35 on above average volume would turn us negative on the exchange rate
- GBP/USD traded at its highest level in almost two months earlier this week
- The lack of volume during the recent advance does suggest the recovery is likely only corrective
- A weakening daily OBV also suggests recent action is only corrective
- A daily close above 1.5500 on above average volume would turn us positive on Cable
