The following are the intraday outlooks for EUR/USD, EUR/JPY, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: Following the wedge plan. The minor bounce from the wedge floor is expected to end ahead of the mid body point of the recent falling benchmark candle, 1.0690 (and we are now also into the third day of consolidation after printing it so downside risks should be returning in full vigor by today). Once starting to fall the next target will be the lower boundary of the wedge, currently running at approximately 1.0565. Ultimately the pair should arrive in the key support zone, 1.0481-1.0405.
EUR/JPY: Making downside progress. Slowly but steadily the pair is making downside progress and we now stands ready to move below the 130 hurdle. As earlier we are looking for this move to continue down to at least, but probably beyond, the 126-area. Short term there’s however an increasing probability for a 131/132 reaction to emerge from the high 129’s.
USD/CAD: An increased selling pressure. Monday’s up-thrust top/false break yesterday got its bearish confirmation hence more supply likely to hit the market already today. Look for a break below 1.3247 to further enhance the selling pressure.
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