Today’s highlights:
– EUR/GBP: Neckline/trendline break above .8103/15 paves the way for further strength to .8157 and then .8263 – the 38.2% Fibonacci retracement.
– EUR/JPY: Aggressive extension higher above 102.83 exposes our near-term target resistance zone of 103.89/66. We ultimately expect an extension above here to 105.43.
– EUR/SEK: Risk is skewed lower from these elevated levels, through 8.5810 support to challenge trendline support placed at 8.5400.
– EUR/NOK: Market remains capped by its near-term downward trendline at 7.4153. Whilst below here, the risk is for a retest of
7.3522/7.3458.
– NOK/SEK: Consolidating momentarily, but the bias remains skewed lower for 1.1599 and then 1.1544 retracement support.
Today’s trades/positions:
– EUR/GBP: Long from .8030, targeting .8250, stop now at .8000.
– EUR/JPY: Long at 101.80, added at 100.30, stop now at 102.70 for 103.60.
– EUR/SEK: Reversed short from 8.6400, targeting 8.5100, stop at 8.7000.
– EUR/NOK: Long again at 7.3660, targeting 7.4600, stop/reverse through 7.3850 (for 7.3500).
– NOK/SEK: Short from 1.1720 target now at 1.1545, stop at 1.1755.
– AUD/NZD: Target met at 1.2640. Sell at 1.2660, targeting 1.2505, stop at 1.2701.
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Credit Suisse