Intraday Outlooks For EUR/USD, EUR/JPY, USD/CAD, EUR/GBP

The following are the intraday outlooks for EUR/USD, EUR/JPY, USD/CAD, and EUR/GBP as provided by the technical strategy team at SEB Group.

EUR/USD: Massive gap rejection! The gap was more than just filled with buyers not only buying into support at the lower end of the "Cloud", but also even showing some initiative above a prior 1.1235 high and a bearish candle mid-body point. This strong response complicates the outlook even more and while there is still resistance in the high 1.12s there is now restored support at 1.1130 through yesterday's mid-body point. For today it looks equally important to watch both 1.1130 and 1.1280.

EUR/JPY: Sharply up from its overstretch. The short-term (bullish) "Cloud" and the short-term downside stretch (as defined by the deviation away from its monthly average) were respected. A long lower shadow and a high session close puts pressure back on the 21day exponentially weighted moving average band (137.20/138.80) which in reality also has to be reclaimed to get the pair off the bearish edge.

USD/CAD: Time to break resistance. In yet another attempt to break free of short-term dynamic resistance in the "Cloud". Stamina over 1.2423 would better display underlying initiative demand and post a stronger threat to the 1.2563 "Double-top" and at the same time support suggested longs from 1.2360 (with a protective self stop at 1.2275).

EUR/GBP: To be monitored closely. There's clearly a risk after yesterday's price action that there's a prematurely ended decline (following the bear triangle exit). As pointed out yesterday the minimum target for the move, a move below 0.7015, has been fulfilled (even though the ideal target is found a lot lower) so with a bullish key day reversal yesterday a bottom might have been put in place (a bullish MACD divergence will also enhance upside attempts).

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