Today’s highlights:
– EURGBP: Struggling to overcome the .8420 50% retracement after reversing lower from .8442 yesterday. We expect a correction lower, back to .8328, and then .8265.
– EUR/JPY: 120.72 resistance continues to cap for now. We expect the market to correct lower, back to 116.47 neckline support. Below here is expected for 113.55, then 112.93.
– EUR/SEK: 8.7327 Fibonacci retracement resistance caps for now and the market threatens a top. Below 8.6528 confirms, with risk then lower to 8.6041/83 initially.
– EUR/CAD: A top unfolds a medium-term channel return line resistance. We expect weakness lower to 1.3067/30 initially. Below would then target 1.2965.
Today’s trades/positions:
– EUR/GBP: Short through .8402 targeting .8270, stop at .8480.
– EUR/JPY: Short from 119.00 target extended lower to 113.65, stop now scratch at 119.00.
– EUR/SEK: Short from 8.6650 target 8.5100, stop at 8.7200.
– EUR/NOK: Short from 7.4500 targeting 7.4000, stop at 7.4750.
– EUR/AUD: Long from 1.2590 targeting 1.2795, stop/reverse now 1.2555 (for 1.2382).
– EUR/NZD: Stopped out and reversed short through 1.5780, add at 1.5925 targeting 1.5601, stop/reverse at 1.5940.
– EUR/CAD: Booked profit at 1.3185. Sell through 1.3165 targeting 1.2980, stop at 1.3250.
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Credit Suisse