EUR/USD and Cross Pairs

If EUR/USD is viewed vs its counterpart cross pairs, its obvious the cross pairs are holding EUR/USD progress because the cross pairs are stuck in small ranges. EUR/GBP is the main pair and has serious price problems followed by EUR/NZD then EUR/CAD, EUR/JPY and EUR/AUD. EUR/GBP is stuck in a 148 pip range from bottoms at 0.7208 to 0.7356 tops. Viewed from bottom to top, both prices are extremes in the price range. Liikewise, EUR/USD is feeling the effects of compressed cross pair ranges as volatility on Fed day was 7.5% and 6.7% today but continues and will continue to drop.

EUR/USD has every ability to fly as its ranges are almost twice those of its cross pair counterparts but without directional assistance from cross pairs, EUR/USD may very well be heading for range bound conditions until the cross pairs resolve themselves. Why range bound conditions is because the daily EUR/USD price has been hitting its distributional peak and dropping everyday since Fed Day. Further viewed from cross pair counterparts, the EUR/USD sees tops at 1.0985 vs EUR/JPY, 1.0928 vs EUR/AUD, 1.0900 vs EUR/NZD, 1.1030 vs EUR/CAD and 1.1088 vs EUR/GBP. EUR/USD has essentially reached its upper limits but more importantly, cross pairs are within 200 pips of significant bottoms such as EUR/JPY at 128.99, EUR/AUD 1.3771, EUR/CAD 1.3539, EUR/NZD 1.4343 and 0.7208 for EUR/GBP. Until cross pair ranges open wider, EUR/USD may be stuck range bound with a current bias lower.

EUR/JPY vs EUR/USD sees EUR/JPY ranges between bottoms at 128.99 - tops at 133.62, a 462 pip range. Support and resistance points are found at 130.15, 130.21, 131.31, 132.46 and 133.62. Short is the recommended way forward on breaks lower at 130.21 and 130.15 particularly because EUR/USD is at its Peak. The range extremes are found at 128.99 and 133.62 while EUR/USD ranges vs EUR/JPY are 736 pips.

EUR/USD vs EUR/AUD. EUR/AUD ranges are found between 1.3771 - 1.4363, both are range extremes inside a 572 pip channel. The point of note in the near term regarding 1.4363 is the current 50 day average is found at exactly 1.4300 and a must break to see higher prices or contain prices lower. From 1.3771, next above is 1.3919, 1.4067, 1.4215 and 1.4343. A significant MA exists at current 1.3717 and is dropping which reveals that EUR/AUD's range and prices will be seen to the downside as soon as all cross pairs fall in line. The range vs EUR/USD is 1110 pips and not unusual vs EUR/AUD because EUR/AUD generally is one of the most widest range pair among all EUR/USD pairs.

EUR/USD vs EUR/CAD. A significant break just occurred at 1.3698 and with the break, prices are and have been skewed to the downside. The range extremes are found at 1.3923 above and 1.3539 below. The current range is 384 pips but to see range extremes in any pair will take a significant market development to occur. Price points are found at 1.3539, 1.3635, 1.3698, 1.3731, 1.3827 and 1.3923. EUR/CAD ranges vs EUR/USD is found at 984 pips.

EUR/USD vs EUR/NZD. At the 2008 crisis, EUR/NZD price was located at 2.57. From current 1.4200's, EUR/NZD prices remained on the floor ever since the crisis. Last time EUR/NZD saw prices at 1.4200's was 1985, 30 years ago. At current 1.4200's, EUR/NZD not only broke its significant range at 1.4343 but it remains in deeply oversold territory. The range is 1.4343 - 1.4875, 532 pips. From 1.4343, next above is found at 1.4476, 1.4609, 1.4742 and 1.4875. The range vs EUR/USD is 648 pips.

EUR/USD vs EUR/GBP. The ranges are quite contained between 0.7208 - 0.7356 and both are extremes inside 148 pips. From 0.7208, next comes 0.7248, 0.7284, 0.7320 and 0.7356.

EUR/USD commonalities is tops occurred in the upper 1.0900's. Bottoms are seen at 1.02 except EUR/AUD whose bottom is seen at 1.0188. Significant breaks to see lower prices must be seen at 1.0888, 1.0801, 1.0784, 1.0738, 1.0617, 1.0576, 1.0558, 1.0538, 1.0433 then on to target bottoms at 1.02. Until cross pair ranges open wider, EUR/USD will be contained between 1.07 - 1.09 but as ranges open wider then EUR/USD will resume its downtrend.