Today’s highlights:
– EURGBP: Failing ahead of the .8420 long-term 50% retracement. We expect a correction lower from here back to .8328, with overshoot to .8265 which should hold.
– EUR/JPY: 121.94 retracement resistance expected to continue to cap the market for now. We see risk back towards chart/trend support at 116.47.
– EUR/NOK: Failure ahead of the 7.4847 and 7.5002/47 resistance hurdles turns the focus lower again for 7.3960 interim support.
– EUR/AUD: A higher high keeps the broad focus higher for 1.2808/34. However, we see scope for a correction back towards 1.2560/30. We look for this to continue to hold.
Today’s trades/positions:
– EUR/GBP: Sell through .8375 targeting .8270, stop at .8410.
– EUR/JPY: Sell at 119.00 targeting 116.50, stop at 120.40.
– EUR/SEK: Sell through 8.6500 targeting 8.5100, stop at 8.7200.
– EUR/NOK: Sell at 7.4500 targeting 7.4000, stop at 7.4750.
– EUR/AUD: Scratched long at 1.2665. Buy again at 1.2595 targeting 1.2798, stop at 1.2520.
– EUR/NZD: Long again from 1.5922 targeting 1.6199, stop 1.5780.
– EUR/CAD: Long from 1.3140 targeting 1.3315, stop now at 1.3185.
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