Today’s highlights:
– EURGBP: Break through .8718/9 resistance sees the market challenge trendline resistance at .8766, and also exposes the .8779/.8800 retracement cluster. We look for this to cap.
– EURSEK: Target 8.4164/08 support zone achieved. Support found at 8.4019, and as a result we are turning neutral, and would not rule out a rebound back to 8.5084/8.5100.
– EURAUD: Indecisive tone emerges, with price trapped between 1.3019 resistance and support at 1.2848/1.2797. Scope for a return to this 1.2848/1.2797 support zone, which should hold.
– EURNZD: Sharp doji reversal from resistance found at 1.6026 sets up for a correction back towards 1.5642, but we expect this to hold, with broad risk still higher for 1.6363.
Today’s trades/positions:
– EURGBP: Sell through .8700 targeting .8575, stop at .8762.
– EURJPY: Sell at 125.00 targeting 121.05, stop 127.00.
– EURSEK: Buy at 8.4250 targeting 8.5000, stop at 8.3900.
– EURNOK: Long from 7.3940, targeting 7.4700, stop now at 7.4000.
– EURAUD: Long at 1.2940, add at 1.2815, target now 1.3180, stop at 1.2780.
– EURNZD: Long from 1.5800 targeting 1.6200, stop at 1.5800.
– EURCAD: Long at 1.3450 for 1.3700, stop now at 1.3450. Buy again at 1.3370 targeting 1.3690, stop/reverse through 1.3320.
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Credit Suisse