The common currency continued to give up ground yesterday, further enhancing the view of a possible ending July correction. The move is also underpinned by narrowing Ger/US 2y spr, US equities out performing €stoxx (which also turned down from resistance) and more). The yen also showing more signs of a well needed reaction . EURUSD the violation of 1.3364 has set focus at the mid/low 1.32’s, USDJPY hourly head and shoulders top triggered, look for a 92.15 break => 91.41, CABLE a two day close below the huge bear triangle will adds to a long term bearish view, EURSEK held up at 8.43 and is now seen consolidating 8.43-51, USDSEK eyeing the upper boundary of the wedge/channel, 6.41, EURNOK bullish key day reversal adding to our bullish view and the move also made NOKSEK passing its primary target, 1.1475, EURHUF more gains underway, BONDS back on track higher (in price), S&P500 struggling higher step by step, OIL locked in a stalemate.
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