EUR
Comment: Dipping to a new low for this year and still within the interminable downward-sloping ‘wedge’ formation and the Euro is slightly oversold. More of the same for the rest of this week as many currencies weaken against the US dollar for all sorts of reasons.
Strategy: Possibly attempt tiny longs at 1.2525; stop below 1.2450. First target 1.2600 then 1.2800.
EUR/JPY
Comment: Consolidating very neatly above the top of the Ichimoku ‘cloud’ so we continue to favour another cautious move higher this month.
Strategy: Buy at 123.25; stop below 121.50. Add to longs on a sustained break above 124.25 for 125.00 and then 126.00.
GBP
Comment: Too tedious for words as we are still working within a massive downward-sloping ‘wedge’ formation. Eventually things will change but at the moment there are no signs of looking forward to anything other than the status quo.
Strategy: Possibly attempt tiny longs at 1.4015; stop below 1.3900. Short term target 1.4300 then 1.4600.
JPY
Comment: Nudging up cautiously to February’s high and retracement resistance around 99.00. The chance of a brief blip above here remains, possibly with more stops being triggered, but note that the US dollar is already overbought.
Strategy: Attempt small shorts at 98.45; stop well above 99.00. Add to shorts on a sustained break below 97.00 for 96.45/96.00.
