Technical Analysis

A EUR/USD correction higher is due

EURUSD: Still ripe for a correction higher. A Jul1-24 bearish wave sequence may be completed (seen best with hourly observations).

Fresh 2014 and 8 month lows continued for the euro Thursday before the EUR/USD managed the first decent bounce this week.

Wednesday’s move to fresh 2014 and 8 month lows was aggressively reversed Thursday with the bullish close seeing immediate focus return to

The initial move higher Thursday struggled at the Bollinger band top before drifting back towards the 21-DMA.

EUR/USD – bearish bias – (1.3325-1.3625).

EUR/USD has broken the key support areadefined by 1.3503 (see also the long-term risingtrendline from the July 2012 low) and

EUR/USD looks ripe for a correctional bounce higher with a first-hand target at 1.3491\94…

Fresh 2014 and 8 month lows continued for the EUR/USD Wednesday with immediate focus on the $1.3400-21 region where Nov 21 2013 lows and

Wednesday’s rally and bullish close ends bearish hopes and sees immediate focus shift to the 2014 high at $0.9505 with

In USD/JPY, Commerzbank notes that, it continues to see a small rebound off the 101.10 55 week ma.

EUR/USD has seen a minor break into new lows for the year. 2014 low and more importantly closed below the 1.3476 previous low, notes Commerzbank.

EURUSD: Bearishly into a fresh yearly low. The yearly low was crushed yesterday and pronouncedly so,