Yesterday many euro pairs moved into their respective target ranges for the current move. Accordingly signs of euro weakness our main focus for the day. EUR/CHF appears to be the first pair with increasing selling pressure. Spanish equities also posted a third consecutive loser yesterday. EURUSD the 1.3540/45 triangle target met, EURJPY stalling around the 123.33 key junction, EURGBP arrived in the next resistance zone, EURSEK hard to leave the 8.60 – 70 moving average bands, USDSEK at rock bottom of the falling wedge (=ending pattern), EURNOK bull triangle still calls for a 7.50+ move, NOKSEK premature ending of the downside correction?, EURHUF continued short term downside risk, BUNDS spring bottom like behaviour yesterday shows that early buyers are back, NOTES posting bottom-ish signs, S&P500 a dark cloud cover candle printed yesterday warns of more profit taking in the pipe, OIL still bid and the Sept high, 115.70, now in focus.
Click here to read the full report: Technical Alert
SEB tech team