Position squeeze is the name of the game.
Contrary to our view the market failed to produce the looked for final wave lower in EURUSD as well in most equity markets (excl. Asia in general). We will probably see a bit more of the same today but many markets now approaching minor correction targets, hence the position adjustment mostly done, we think.
EURUSD entering resistance zone above 1.3890, EURJPY rechecking the downside break at 107.50, AUDUSD previous wave four resistance at 1.0383, Scandies (both in € as well as $ terms) corrects lower after five hourly waves up, look for an upside turn within a day or two.EUR/CEE entered a correction phase, Oil edging higher and Gold declining towards the 55d ma, $1720.
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http://www.easyforexnews.net/wp-content/uploads/2011/09/TA1609.pdf
Tech team
Skandinaviska Enskilda Banken AB