The following are the intraday outlooks for EUR/USD, USD/JPY, GBP/USD, and Crude Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Contesting dynamic resistance. The near-term move higher is still on. Dynamic resistance at the 21day 'Kijun-Sen' is falling and they are about to meet. A descending line of resistance is also about to be scrutinized. So if breaking those at 1.2495/530, extension towards the 1.2605/15 pivot should be penciled in. Local support pockets are located at 1.2495 & 1.2445/43. Current intraday stretches are located at 1.2335 & 1.2560.
USD/JPY: Sight set on Fibo projection grid below. The 117.36 low is taken out and this could accelerate the move once Europe provides some more liquidity. Targets within reach in the near-term Fibo projection grid are located at 116.95, 116.50 & 115.95. A short term bearish stance would be proven wrong on a break back over 118.59. Current intraday stretches are located at 116.75 & 118.50. Consider a sell on European 'lower range extension' (break below the opening hour range (0800-0900cet) today.
GBP/USD: 'Round-bottom' targets 1.5890. Price action has turned near-term bullish. The 1.5737 resistance was convincingly bashed yesterday and this adds a short term 'Round-bottom' formation, ideally targeting 1.5890 - If the market is playing the 21day (1.5815) for keeps. First-had support is located at 1.5749/37. Additional trendline support comes in at 1.5670, but also 1.5826 must be lost to realign the near-term outlook with the underlying downtrend. Current intraday stretches are located a 1.5700 & 1.5855.
Brent Crude. Coming stretched into fresh lows. The downmove is getting legs again and a 161.8% Fibo projection ref at 75.50 could be targeted for a short-term trader, but if you care to massage a near-term short position, conditions look intradaily stretched here and now, arguing for taking the bets off now and sell back into a fading rally (towards 77.30/56). More resistance is found in the 78.86/79.11 pivot.
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