It’s a euro relief rally… possibly towards 1.34 in EURUSD and above 102.50 in EURJPY… This move is also felt in EURCHF which is eyeing resistance at 1.2110 – an opener for 1.22 (the yearly high) and in EURAUD where a bullish “Key-day reversal” is in the making… EURSEK & EURNOK points higher towards 8.85\88 & 7.67\68 while USDSEK & USDNOK points lower towards 6.52/51 and 5.7350/5.7100 to reflect toe powers of bellwether EURUSD… Gold may have completed a correction lower and seems set to test over $1762 again… European EMs fair better on euro gains, but the potential low in USDTRY is still valid… US tens & German Bund should experience setbacks before moving higher… Caution is urged with short-term S&P longs and Brent crude failed to trigger a sell signal, but we keep an eye on $115.23 as a tripwire for sell-stops…
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SEB tech team