EUR/GBP
EUR/GBP may return to last Thursday’s low of 0.8720/25, or even test the tentative rising support line coming at 0.8680/85 today, before it succeeds in entering a lasting recovery, with a minimum target at 0.9045/50.
EUR/USD
There is a strong risk of a return to the May low of 1.3970. The EUR/USD may then decline to the lower end of the ST declining channel, which stands at 1.3770 this week (-0.0050/week), or even to the tentative support line coming at 1.3585/90 this week (+0.0032/week), before rising back towards the May high of 1.4945.
EUR/JPY
113.50 should limit the downside until the EUR/JPY breaks above Wednesday’s high of 115.85 and rises back towards the key resistance level of 117.90.
USD/JPY
The consolidation of the recent up-move from 79.70 to 81.05/10 seems to be over. That said, we recommend caution until the USD/JPY breaks above 81.05/10 and confirms the resumption of the recovery which started last week with a minimum target at 81.80/82.25.
USD/CAD
USD/CAD may return to last week’s high of 0.9900 or even test the ST rising resistance line, which comes at 0.9925/30 today, before it succeeds in entering a lasting decline.
NAKA Hugues
Societe Generale
Research & Analytics