EUR/USD trades back at the 61.8% Fibonacci retracement at 1.4569 and we still remain unable to rule out a deeper corrective phase to 1.4732, the 78.6% retracement. This is regarded as the last defence for the 1.4940 May peak.
EUR/JPY still needs to clear its 55 day ma at 117.76 on a closing basis for it to reach the resistance line at 118.66.
EUR/GBP has now reached the .8923 mid-April high with the 78.6% Fibonacci retracement of the May decline at .8950 and then the .90 region being next in line. Here we expect the currency pair to stall again, however.
EUR/CHF is to regain some lost ground, having bounced off interim support around the 1.2050 level last week. An upward correction towards the 1.2393/1.2414 resistance area seems likely now.
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