Today’s highlights:
– EUR/GBP: Still holding above .7910 trendline support as the market continues to develop a base. We expect upside to .8115 initially.
– EUR/JPY: Defending trendline support at 99.52 for now. We look for a breakout above 101.06 initial resistance in order to complete a base and allow for a rebound back to 102.11.
– EUR/SEK: Breach of 8.4441 allows the decline to persist lower towards the 8.3540 61.8% retracement support level.
– EUR/NOK: Break below the 50% retracement support level of 7.3753 allows the decline to persist lower for next support placed at 7.3458.
– NOK/SEK: Failing to sustain the break above 1.1492, as resistance is found at 1.1502. We continue to expect any further strength to be capped at 1.1541, with risk to 1.1287/75.
Today’s trades/positions:
– EUR/GBP: Long from .7960 targeting .8100, stop at .7880.
– EUR/JPY: Long at 101.80, added at 100.30, stop at 99.52 for 103.60.
– EUR/SEK: Stopped out at 8.4420. Sell at 8.4614, targeting 8.3700, stop at 8.5050.
– EUR/NOK: Target met at 7.3600. Sell again at 7.43990, targeting 7.3520, stop at 7.4250.
– NOK/SEK: Sell again at 1.1500, targeting 1.1295, stop at 1.1575.
– AUD/NZD: Sell at 1.2685, stop at 1.2765, for 1.2530.
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