Not so good for the euro, commodities (CRB & oil SHARPLY lower) & commodity Fxers… EURUSD may look stretched again, but is still offered and fresh lows can’t be excluded (after breaking a medium-term ref at 1.2588)… Next area of interest in the mid-1.24s… EURJPY has treaded the sub-100 levels and is thought to sink further. Next ref to watch out for at 99.53… EURGBP looks set to test the recent 0.7951 low again… While AUDUSD soon is taking out a 0.9664 ref… EURSEK & EURNOK have both corrected lower than what was previously thought. The former is however facing supposedly strong support at 8.98/92 while the latter mounts some pressure on a prior 7.5185 low… USDSEK & NOKSEK to the contrary to EURSEK have not produced any deeper setback and both are thought to gain renewed upside momentum soon – for moves above 7.24 & 1.2060… EURPLN keeps pounding a Fibo resistance at 4.4015 but will in due time likely break it… S&P is pausing losses while the EM universe is sinking fast and this is also seen as dollar bullish going forward… German Bunds has added a potentially bearish “UpThrust” and must be monitored closely since below 143.03 could trigger protective sell-stops.
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SEB tech team