EUR
Comment: Still trying to base around the 1.3245 retracement area with a small ‘doji’ candle yesterday as we wait for the ECB interest rate decision today.
Strategy: Attempt longs at 1.3200; stop below 1.3080. Add to longs above 1.3250 for 1.3400.
EUR/JPY
Comment: Testing trendline support towards the lowest levels of last year. Note that the Yen has moved below this equivalent pony against Sterling, the New Zealand dollar and the Norwegian krone. It should hover around here again today but not that it is looking extremely unstable.
Strategy: Possibly attempt tiny longs at 117.50; stop below 115.80. Target 120.00, maybe 121.40.
GBP
Comment: Same old story as we remain stuck inside the ‘wedge’ formation that has dominated since October. The closer we get to the apex, the less reliable any break out.
Strategy: Strategy remains unchanged: attempt small longs at 1.4600; stop below 1.4460. First target 1.4880, then 1..5200.
JPY
Comment: Hovering nervously around 89.00 and will probably do the same again today. Rumours as to potential intervention should pick up the closer we get to 85.00.
Strategy: Possibly attempt tiny shorts at 88.95 but only if prepared to add to 90.85; stop above 91.70. First target 88.75, eventually 88.00.
