The following are the intraday outlooks for EUR/USD, EUR/JPY, and AUD/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Making way lower. The break of the 1.1156 support has unlocked the 1.1017 one. There will probably be at least a swift reaction from the 1.1017 support as the market then gathering strength to exit the past six months long bear flag. For today upside reactions will probably be limited to the 1.1152 (maximum 1.1175) area.
EUR/JPY: Here we go! The break of and close below the 133.10 key support is a major event calling for considerable lower prices going forward. The break has set a move in motion that likely will carry prices well below the April low point, 126.08 (the ideal target actually lies closer to 116). The hourly wave pattern indicates that there will be a couple of fresh lows before any more pronounced reaction will be seen.
AUD/USD: Lower, but probably not for long. We are currently trading in close proximity to a 161.8% Fibo projection point which together with an increasing divergence between the AUD and iron ore prices is creating a setup for a potential upward correction. So we wouldn’t be surprised to see at least a 0.7050 bounce any time soon.
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