EUR/USD remains short term negative and now probes the 2011 uptrend line at 1.4178. Once fallen through, a slide to the 1.4010/1.3968 support area, which represents the 200 week moving average and the May low, should unfold.
EUR/JPY slid again on Wednesday and now sits below the redrawn March-to-June support line at 115.13. We thus continue to allow for a retest of the 200 day moving average at 113.77 to unfold. This is where the currency pair is expected to stabilise, however.
EUR/GBP remains under pressure and is currently dropping towards the February-to-June support line at .8665. This is where we would expect to see the market attempt to stabilise and recover, though.
EUR/CHF’s rebound has failed just below the downtrend channel resistance line at 1.2246 with the currency pair now slipping back towards the major psychological 1.20 level.
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