I can talk numbers though....

EURUSD:

The EURUSD fell below the 1.0551 level (low from last weeks trading) after the much better than expected University of Michigan sentiment index. That move added to an already bearish momentum move lower that gathered momentum on the break of the 1.0600 level. The triple bottom (April 2015 and December 2015, and November 2016 lows at 1.0517-21) was approached but the low could only go to 1.0530 today before stalling. We currently trade at 1.0546 - below close resistance at 1.0551 and above the 1.0517-21 key level below (PS the low for the year reached 1.0503 on Monday after the Italian referendum but quickly rebounded).

The catalyst this week... Draghi and the ECB. On Thursday, the ECB extended QE and earmarked a taper in April (from 80B to 60B) but it came with all sorts of caveats. The additional selling this week keeps the sellers in control, and it may not be until the FOMC meeting (where the Fed will tighten) before the a bottom is found (sell the rumor/buy the fact). We will see, but the sellers remain in control.

GBPUSD:

I have not said a lot about the GBPUSD but we are trading at the NY session lows right now as the EURGBP finds a NY afternoon bid. The low for the day was at 1.2553. The low yesterday came in at 1.25476. That was the low for the week as well. We currently trade at 1.2560 still above those levels but getring closer. The 200 hour MA was broken yesterday and the price moved back above it in trading today. That "take back" failed. So we head into the weekend with more of a bearish bias (the 200 hour MA is at 1.2612 and is close risk for intermediate shorts now). The next targets on a break of the weeks lows will target the 50% of the move up from the November 18 low. That downside target comes in at 1.25378 level. Below that and the 1.2500 level will be eyed.

Longer term, this week, the GBPUSD high price stalled just ahead of the 100 day MA (currently at 1.2775 - the high reached 1.2774 on Tuesday). The price has not traded above the 100 day MA since Brexit day. So the successful test this week, keeps the longer term sellers still in control. A move above that MA will be needed to change the longer term traders around.

USDJPY

The upside resistance was broken in trading today and you have to say "The bulls remain in control". You can also say the bears/sellers failed this week.

There was key resistance at the 114.44-54 area (highs from March 2016), 114.68 (100 week MA) and 114.86 (swing high from mid Feb 2016). On Monday, the first two resistance levels were taken out with a push up to 114.77. That break failed almost immediately. The shorts/ sellers had their shot.

What they did was take the price down to the 200 hour MA at 113.17 (the low reached 113.15) on Monday, and the price bounced. On Thursday, the price moved below the rising 200 hour MA at 113.46 and the low from Monday at 113.17, but could only get to 113.10.

The selling opportunity was a flop and the price started to step higher yesterday, and continued that rise today.

The move today, took the price above those three resistance levels - including the 100 week MA at 114.68 - and we are trading near the highs for the day, the week, and since Feb 2016.

The next targets comes in at 115. 60 (61.8% of the move down from the 2015 high), 115.95 (swing low from January 20, 2016. Above that and we could be looking toward a topside trend line on the daily chart at 117.50.

Risk for longs remain at the 100 week MA at levels from 114.44 to 114.86. The were resistance. They are now support.

Fundamentally, the stronger US economy and higher yields are helping the USDJPY's trend higher. The 10 year note's yield moved to 2.47% today. There is a double top at 2.49%. A move above and the USDJPY will be following the trend.

USDCAD

The USDCAD has stepped down in trading this week. They had strong housing data on Thursday. Last week, OPEC helped with their production cuts. Employment was not bad a week ago. Poloz is ....meh.

Technically, this week, the price fell 4 days and was unchanged the other. The price fell below a trend line in trading on Thursday at the 1.3226 level but stalled near the key 100 day MA at 1.31925. ON Friday, the price ffell below the 100 day moving average and the 50% retracement of the move up from the mid-August low at 1.31752. The low extended to 1.3151, but rebounded into the Friday close.

The 100 day MA at 1.3192 remains a level to stay below if the bears are to remain in control. If corrections can stay below that MA line, that is the best case scenario for the bears/sellers. If so, the 200 hour MA at 1.30779 becomes the next target.