EUR
Comment: Closing just above the downward-sloping ‘wedge’ formation and above the 9 and 26-day moving averages. Could do a lot better but at least it has turned momentum bullish.
Strategy: Buy at 1.2925; stop below 1.2700. Add to longs on a sustained break above 1.3000 for 1.3100, eventually 1.3600.
EUR/JPY
Comment: Moving higher towards the top of the band that has held since October. There is no guarantee that this will continue to hold, but a sustained break above 130.00 is probably unlikely this week, maybe for the rest of the month.
Strategy: Attempt small longs at 126.90; stop below 123.75. Add to longs above 127.75 for 128.50, maybe 130.00.
GBP
Comment: Little to add as we toy with the 9-day moving average, though it is worth noting that momentum has turned bullish.
Strategy: Attempt longs at 1.4040; stop below 1.3700. Short term target 1.4000, eventually 1.4500.
JPY
Comment: Slightly messy as we hover above the fairly pivotal 97.00 area. Allow for more of the same today.
Strategy: Attempt small shorts 98.20; stop above 99.25. Add to shorts on a sustained break below 97.00 for 96.00 short term and probably 93.00.
