EUR
Comment: Struggling with interim resistance at 1.3335 and likely to hold below here again today. Some time next week we favour another squeeze up to the bottom of a horizontal Ichimoku ‘cloud’ at 1.3525.
Strategy: Buy at 1.3100/1.3075; stop below 1.2850. Add to longs above 1.3335 for 1.3525 short term.
EUR/JPY
Comment: Consolidating in the lower half of the broad range established since October. Dips towards 115.00 are seen as buying opportunities for a squeeze into the middle of the range around 122.50, then more, probably all the way to the upper edge at 129.00/130.00.
Strategy: Buy at 117.80 but only if prepared to add to 115.00; stop below 113.50. Add to longs on a sustained break above 120.00 for 122.00.
GBP
Comment: Hovering at the lower edge of the downward-sloping ‘wedge’ formation and likely to do so again today. A weekly close above 1.4250 is the minimum needed to hint that we have formed an interim low.
Strategy: Buy at 1.4130, adding to 1.4000; stop well below 1.3800. Add to longs on a sustained break above 1.4440 for 1.4600 short term, eventually 1.5000.
JPY
Comment: Rallying to the lower edge of a very large Ichimoku ‘cloud’ and the 26-day moving average and likely to hold below here today, consolidating at these slightly higher levels.
Strategy: Trade the range between 89.75 and 91.25.
