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EUR: Attempt longs at 1.4005; stop below 1.3800

Mon, Jun 29 2009, 06:32 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Still consolidating under the increasingly important 1.4200 level but giving up very little room. Bullish momentum should increase slightly if we can hold above 1.3900 this week. Only a weekly close above 1.4200 will really get things going and another big round of short-covering.

Strategy: Attempt longs at 1.4005; stop below 1.3800. Short term target 1.4100, then 1.4200.


EUR/JPY

Comment: Stuck between a rock and a hard place as we hold above trendline support, and at the lower edge of a massive Ichimoku ‘cloud’. Expect a test of its lower edge this week.

Strategy: Attempt shorts at 133.40, adding to 134.95; stop above 135.50. Short term target 133.00, then 132.00.


GBP

Comment: Consolidating in a ‘triangle/pennant’ formation at the lower edge of a large Ichimoku ‘cloud’. If not this week then some time in July we favour a break higher. A weekly close above 1.6600 is needed to take bullish momentum back up to the very strong levels of early June.

Strategy: Attempt small longs at 1.6450, adding to 1.6200; stop below 1.6080. First target 1.6500, then 1.6600.


JPY

Comment: The potential ‘head-and-shoulders’ within which prices have been working since March is still there as prices consolidate below the lower edge of the relatively large Ichimoku ‘cloud’ and above the ‘neckline’ and 26-week moving average. Maybe this week, certainly some time in July, we favour a test of the pivotal 94.00 area (and an eventual break below here).

Strategy: Sell at 95.45, adding to 96.00; stop well above 96.65. First target 95.00/94.88 then 94.00.

Published on  Mon, Jun 29 2009, 06:38 GMT


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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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