Today’s highlights:
– EURGBP: Aggressive rally brings the market through the long-term downward trendline spanning from the 2008 high of .9803 to test the .8719 50% retrace. We expect this to cap.
– EUR/SEK: Focus remains lower and the threat of a large topping structure still lingers. We expect a break through 8.5709 to re-test the 8.5057/22 support zone initially.
– EUR/AUD: Resistance found at 1.3192. We believe a short-term top is unfolding here and we see a growing risk of a correction lower to 1.2837/40 once again, which should hold.
Today’s trades/positions:
– EUR/GBP: Stopped out at .8667. Sell at .8655, targeting .8410, stop at .8775.
– EUR/JPY: Sell through 123.00, targeting 117.00, stop at 126.00.
– EUR/SEK: Short from 8.6650, target 8.5100, stop now at 8.6650.
– EUR/NOK: Stopped out at 7.4550. Sell again at 7.4690 for 7.3550, stop at 7.5075.
– EUR/AUD: Sell at 1.3060 for 1.2855, stop at 1.3160.
– EUR/NZD: Short through 1.6170, target extended to 1.5850, stop at 1.6275.
– EUR/CAD: Sell at 1.3560, targeting 1.3310, stop at 1.3690.
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Credit Suisse