An extremely choppy New York session has seen EUR/USD bounce around in a 50-point range, wreaking havoc for those attempting to establish positions. We have taken two stops trying to get long dollars, but our premise for being long dollars to the 1.2600 target remains. EUR/USD continues to trade below the 4-hour uptrend line now serving as resistance after multiple attempts to break through during Mr. Bernankesââ,¬â"¢s testimony before the Senate Banking Committee. USD/JPY has found a 110.40-111.30 range of its own, which will make things rather difficult while we are contained. EUR,JPY is targeting last week's breakdown point of 142.50 as we currently trade 142.15. A bid EUR,JPY will continue to support USD,JPY and EUR,USD as the DXC struggles to find a trend.

The plan for the New York close is to watch for a potential break of EUR/USD through the 1.2340 highs into the .786 resistance of 1.2870. From there, we will need to reassess the situation to formulate our game plan for the Asian open.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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