Today’s highlights:
– EURGBP: Emphatic rejection of the .8719 long-term 50% retracement. We expect further weakness back through .8517 to .8364 support after the trendline break.
– EUR/JPY: Bearish reversal day from resistance found at 126.98 points to a break through 121.22 chart/trend support and for the market to revert back to 117.05/116.47.
– EUR/SEK: All eyes on the 8.5057/22 key chart/neckline support zone. We expect a break below here to complete a bearish head and shoulders to target 8.4164/08.
– EURAUD: Top in place after the emphatic reversal lower from 1.3192. The risk is skewed lower from here back towards 1.2797 retracement support. Below would target 1.2586.
Today’s trades/positions:
– EUR/GBP: Short from .8655, targeting .8410, stop now at .8720.
– EUR/JPY: Sell through 124.00, targeting 117.00, stop at 126.99.
– EUR/SEK: Short from 8.6650, targeting 8.5100, stop now 8.6650.
– EUR/NOK: Sell at 7.4100, targeting 7.3200, stop at 7.4650.
– EUR/AUD: Short at 1.3060 for 1.2855, stop now at 1.3135.
– EUR/NZD: Short through 1.6170, target extended to 1.5850, stop at 1.6275.
– EUR/CAD: Sell at 1.3525, targeting 1.3310, stop at 1.3635.
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