EUR
Comment: A ‘spike high’ and ‘evening star’ candle on the weekly chart at 1.4867 suggests we shall consolidate below here for another week or two. The Euro will probably hold between 1.4200 and 1.4800.
Strategy: Possibly attempt small longs at 1.4455 but only if prepared to add to 1.4300; stop below 1.4195. Short term target 1.4550, then 1.4700.
EUR/JPY
Comment: Retreating once again ahead of the 157.00 area. Expect a drop this week to re-test 151.00.
Strategy: Sell at 153.65, adding to 155.00; stop above 157.05. Short term target 153.00, then 151.00.
GBP
Comment: An ‘evening star’ candle on the weekly chart against the 9-day moving average at 1.8600 suggests Cable will hold below here for another week or two. Prices will probably hold very nervously roughly between 1.7800 and 1.8500.
Strategy: Possibly attempt small longs at 1.8270; stop below 1.8050. Short term target 1.8400, maybe 1.8500.
JPY
Comment: Holding neatly in a relatively small range below pivotal resistance around 110.00. A weekly close below the bottom of the weekly ‘cloud’ at 104.50 might add some much-needed bearish momentum and a sustained break below 103.50 should really set things going South.
Strategy: Sell at 106.35; stop above 107.10. Short term target 105.50/105.15, then 104.00.
