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EUR: Attempt longs at 1.4115

Thu, Jul 2 2009, 06:17 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: Media getting excited as the Euro manages is strongest close in a month. We remind that a weekly close above 1.4200 is the absolute minimum needed to confirm an important upside break. Until then we shall have to allow for yet more random consolidation within the recent range.

Strategy: Attempt longs at 1.4115, adding to 1.4000; stop below 1.3900. Short term target 1.4200, then 1.4300/1.4339.


EUR/JPY

Comment: Yesterday’s rally was a lot stronger than anticipated and bulls will be watching how this pair reacts at this year’s highs (137.42 and 139.26). While not our favoured view a weekly close above 138.00 would hint at a potential squeeze to a new high for the year here and in a raft of other Yen crosses.

Strategy: Possibly attempt shorts at 136.30; stop above 137.00. Short term target 135.70, then 133.50.


GBP

Comment: Taking a back seat as other currencies come to the fore. A weekly close clearly above 1.6500 should add to current strong bullish momentum.

Strategy: Attempt small longs at 1.6440; stop below 1.6175. First target 1.6550/1.6600.


JPY

Comment: Nudging above last week’s high but well below June’s high, trading in the middle of the Ichimoku ‘cloud’ around the moving averages. Very messy and inconclusive making strategies unsatisfactory. Wait for something clearer to emerge in the weekly chart.

Strategy: Possibly attempt small shorts at 96.65; stop above 97.40. First target 96.00 then 95.00.

Published on  Thu, Jul 2 2009, 06:26 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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