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EUR: Attempt small longs at 1.4710; stop below 1.4570
Wed, Aug 27 2008, 06:19 GMT
by Nicole Elliott
EUR
Comment: Dipping briefly to a new recent low at 1.4570, just below retracement support and a widening Ichimoku ‘cloud’. The Euro is still oversold and bearish momentum has eased. We continue to watch warily for small signs of basing again this week.
Strategy: Attempt small longs at 1.4710; stop below 1.4570. Short term target 1.4800 and then 1.4900.
EUR/JPY
Comment: Looks set to test 160.00 again and the monthly candle is looking increasingly top-heavy with a monthly close below 160.60 adding to current strong bearish momentum. Late this month/early September we continue to expect a drop to 158.00, and further out a slide to 152.00, at which point at-the-money implied volatility could easily move up to 14.00%.
Strategy: Sell at 160.35, adding to 161.50; stop above 163.25. Short term target 160.00, then 158.00.
GBP
Comment: Trying to stabilise against retracement support with a low at 1.8330 yesterday. Cable is still oversold and open interest relatively low. We will have to live through another week where we expect Cable to try and find an interim base but this is likely to be slow nerve-wracking stuff.
Strategy: Attempt small longs at 1.8440; stop below 1.8325. Short term target 1.8600, then 1.8800.
JPY
Comment: Retreating from a widening Ichimoku ‘cloud’ and looking set to re-test recent lows at 108.35/108.13. A weekly close below 108.00 completes a small ‘triple top’.
Strategy: Sell at 109.00, adding to 109.50; stop above 110.35. Short term target 108.35/108.00, then 107.25.
Download Full EUR Technical Analysis
Published on Wed, Aug 27 2008, 06:26 GMT
Archive
- EUR: Possibly attempt small longs at 1.2675; stop below 1.2500
Published On Mon, Dec 1 2008, 07:35 GMT - EUR: Strategy remains unchanged: attempt longs at 1.2925, adding to 1.2800; stop below 1.2650
Published On Fri, Nov 28 2008, 07:18 GMT - EUR: Attempt longs at 1.2925, adding to 1.2800; stop below 1.2650
Published On Thu, Nov 27 2008, 07:28 GMT - EUR: Attempt longs at 1.2975, adding to 1.2800; stop below 1.2650
Published On Wed, Nov 26 2008, 07:40 GMT - EUR: Attempt longs on a drop to 1.2700, adding to 1.2600; stop below 1.2400
Published On Tue, Nov 25 2008, 07:50 GMT
Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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