Today likely to be a day of congestion/consolidation.
EZ worries also taking a toll on the core with France/Germany spread at its widest since 1995, yesterday passing the post Lehman peak.
EURUSD did complete a minor wave pattern from 1.44, a small congestion and then 1.37.
EURJPY found firm support in the broader support zone, bounce to be sold in the low 112’s, EURSEK congestion 9.16/25 ahead of the 9.29 test, EURNOK buy stops triggerd by the 7.7720/95 break, we see it initially higher but lower thereafter, €stoxx50 rebounded sharply but its corrective only, S&P500 still holding above support, Oil still trades bid, GOLD on the verge of a new all time high vs $ (vs € that took place Monday).
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/07/TA1307.pdf
Tech team
Skandinaviska Enskilda Banken AB