The following are the intraday outlooks for EUR/USD, EUR/JPY, USD/CAD, and Brent Crude as provided by the technical strategy team at SEB Group.
EUR/USD: Small reaction before lower again. The rejection from yesterday’s 1.0987 low point will probably be aiming at 1.1060 before again turning lower again. As earlier elaborated there is a lot of support in the area just beneath and the best fitted target is 1.0840, the recent triangle’s theoretical target.
EUR/JPY: Waiting for the 132.00 break. Repeatedly lower highs and lower lows keep the downside pressure in place. Yesterday the market tried it below 132.20 five times but so far without any success. Given that after each and every attempt below 132.20 the following high became lower we are still confident that the key support soon will give way.
USD/CAD: Ready to surge. The current setup remains clearly friendly to a bullish view and if our assumption is right the pair should be on the verge of breaking higher. If subscribing to the idea one should buy the pair no later than 1.2565 the trigger point for the expected acceleration higher.
BRENT CRUDE: Still in the doldrums. The contracting range since mid Feb is still in progress and no new directional information was given yesterday.
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