The euro got it on the chin (again) yesterday and finds itself in a group of underdogs, or perhaps as the leader of the pack… EURUSD is seemingly set to take out the monthly low of 1.2804 now… EURSEK points higher while holding above 8.5930, targeting 8.6850, but given euro under pressure elsewhere there is perhaps not too much mileage left in this upmove… USDSEK on the other hand may have more to gain from this with an early Sep high of 6.7825 coming better into sight… EURNOK dropped notably yesterday and this time without buyers replying to the move. This point further down, even below the late Sep low of 7.3530 (with targets at ~7.3200/7.3150 or even ~7.2950)… NOKSEK in this environment is another obvious winner, now targeting 1.1760-1.1810 after showing that Mon’s spike was just a one-day fluke… EURGBP felt the heat of general Europhobia and was hindered advance towards Sep’s high of 0.8114 and instead printed a bearish candle, likely to have impact over the coming session(s)… EURCAD is another cross fining its way lower and a session close below 1.2600 would form a “double-top” targeting 1.2390/1.2350… EURJPY is also headed lower, now with all eyes on 99.64… Industrial metals in general are swaying and notably so in 3mt LME Aluminum threatens to break sharply south… The setback in USDZAR is deeper than thought but still viewed as correctional. Back over 8.90 is expected IF NOT breaking below 8.6440… EURPLN trades low in a contracting range and some kind of bounce higher should be expected. A short-term key ref is located at 4.0895… Dec Bunds are about to bullishly break the higher end of a broader bullish flag, while US Dec tens trades more cautiously in a 132-27\133-27 range – still with and upside bias attached to it… S&P500 looks heavy and a 1426/1423 test is not far off… Brent Crude on the other hand was lifted (on geopolticals in the middle-east) and the move threatens a short-term “equality-point” at $114.80…
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SEB tech team