Today’s highlights:
– EUR/GBP: Recovery effort off .8033/4 chart/retracement support continues, and we look for the market to advance higher back up through .8084/.8111 to retest .8150/66.
– EUR/JPY: Rally off 105.98 support brings the market back up to retest the highs at 107.98. We expect an eventual breakout above here, allowing for the uptrend to persist for 111.45.
– EUR/SEK: Resistance found at 8.6671, importantly ahead of the key cluster of hurdles at 8.6789/8.6829/87178. Whilst capped by the latter, we look for a return to 8.5099/22.
– EUR/NOK: Rebounding from support found at 7.3153. However, after last week’s flag pattern completion, the risk is still skewed lower to 7.2870 initially, and then 7.2592/04.
– NOKSEK: Resistance found at 1.1807, ahead of the 1.1818 high. The focus is still higher in our view for 1.1879, and only a breakdown through 1.1710 support negates.
Today’s trades/positions:
– EUR/GBP: Buy at .8056, or through .8075, targeting .8250, stop .7960.
– EUR/JPY: Long again through 106.65, for 110.65, stop now at 105.15.
– EUR/SEK: Short from 8.6100 targeting 8.4510, stop at 8.6835.
– EUR/NOK: Short from 7.3700 targeting 7.3004 stop now 7.3600.
– NOK/SEK: Booked profit at 1.1760. Buy again at 1.1716, targeting 1.1852, stop/reverse through 1.1672.
– AUD/NZD: Booked profit at 1.2530. Resell at 1.2600, for 1.2425, stop at 1.2655.
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