Corrections is the name of the game. € on a slightly better footing, £ higher in the 2nd and likely last phase and JPY slightly stronger in its contracting range. EURUSD the inverse head and shoulders pattern points at 1.3135/70, CABLE ideally targeting 1.5370ish, USDJPY sliding down to either the low 94’s or even 93’s, EURSEK one high missing in this correction, EURNOK expected to slide some befor resuming the up trend, NOKSEK will in the meanwhile make a 2nd corrective move higher, EURHUF congestion ahead of 313, EURPLN short term reaction to soon end, giving way to a new round of strength, BONDS in for a day of congestion, S&P500 trading bid – 1594 in the cards, OIL slow wedgy decline = possible corrective bounce underway.
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SEB