Forex Charts
EURUSD – wave-(3) higher underway towards 1.3473…1.3610
The Euro is back above the long-term downtrend lines and we expect a 3rd attempt at the 1.34 level to lead to a successful breakout.
FX Daily
Market movers today * This morning ECB president Mario Draghi speaks at an SME conference in Berlin and
USDJPY – waves-a & b complete; wave-c down targets 97.40/08
The first part of the sell-off to complete wave-E occurred yesterday and has already been corrected via a sharp retracement.
EURUSD – a-b-c correction done; above 1.3325 targets 1.3484
This Euro rally off the lows has now satisfied a nice, sideways, a-b-c correction which sets the stage for a rally through 1.3325 and
FX Daily
Market movers today – The main focus today is US retail sales. We expect a decent report with growth of 0.3% in ‘core’ retail sales excluding cars and gasoline.
USDJPY – expected decline developing; wave-E target is 97.08
The $JPY sell-off commenced right from the wave-D target at 100.59 (100.61 high). Wave-E down is now unfolding and the down trade so far is supportive of the idea as it is firmly impulsive.
EURUSD – 5- waves up complete; minor correction to 1.3282/43
The wave-5 target of 1.3328/35 was satisfied with yesterday’s rally to 1.3325. Now 5 clean waves are in place and wave-1 = wave-5.
FX Daily
Market movers today – We expect euro area industrial production to decline 0.6% m/m in July.
USDJPY – Friday’s bearish outside day supports more weakness
Even with the break of downtrend resistance neat 99, our concern is that we have not seen the end of this bullish triangle yet.
EURUSD – 1.3207 then 1.3223 key to signaling a bear trap
We keep harping on 1.3207 being an important level; it was a key pivot high in July and then a key pivot low in August.