It seems like the common currency remains under pressure with EURUSD already back testing the support it bounced off Fri. Below 1.2840 would add to the burden it must already feel… EURGBP has closed a weekend gap and looks set to test refs below at 0.8032 & 0.8007… EURJPY added a weak weekly print at resistance and a retreat towards 105.27/104.59 seems to be in the cards… The USDindex violated (but didn’t close above) a 80.59 “B-wave high”. The intraday rejection Fri does not mean that the party is over and if/when breaking 80.66 the short-term picture clears and opens up for more gains… EURSEK added an inter-range bullish print Fri, but also over prior tops at 8.6785 & 8.6850 is needed to show buyers’ initiative again (in line with a broader moderately bullish picture)… USDSEK ought to be of help weakening the SEK, since if/when breaking above 6.7060 would highlight the underlying bullish tint in this picture… EURNOK on the other hand still looks bearish while holding below 7.3635, but USDNOK would contradict this if breaking a “B-wave high” at 5.7020… USDZAR trades in a favored correction target zone and should find buyers again. Over 8.7990 would become a positive sign… EURPLN trades in what still looks like a bullish flag and over 4.1375 would be the trigger for further advance… German 10y tenors look better place for additional gains compared to its US peers. Watch 146.02 on top in the former and 133-17 below in the latter… The S&P500 could form a “Double-top” to be confirmed below 1397 or it is a range En Route higher levels, so another watch at 1424 is also justified… The Shanghai Composite is attempting to extend recent gains. Next key ref above is located at 2145… Brent Crude should soon be back on its near-term losing track. Key support to watch is found at $105.32…
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SEB tech team