EUR
Comment: Dropping to its lowest level in a month as it struggles with the top of the Ichimoku ‘cloud’ (which becomes very thin this week). Possibly the lagging Chikou Span will get support from Fibonacci retracement and the candles of 26 days ago. The Euro is slightly oversold..
Strategy: Attempt small longs at 1.3000; stop below 1.2900. Add to longs on a sustained break above 1.3100 for 1.3400 short term.
EUR/JPY
Comment: Dropping below channel support and the moving averages look set to turn negative. Price action this month might be seen as a ‘triple top’ though currently we still se it merely as consolidation around the fairly pivotal 130.00 area.
Strategy: Attempt tiny longs at 128.50; stop below 127.50. Short term target 132.00 then 133.50/134.00.
GBP
Comment: Retreating to retracement support as we still cannot manage a weekly close above 1.5000. Watch for signs of basing early this week for another attempt higher later this month.
Strategy: Attempt longs at 1.4730; stop below 1.4550. Short term target 1.5000/1.5050.
JPY
Comment: Slightly worrying and rather tricky as prices hover unsteadily at current levels for a fourth consecutive day. We still favour an upside probe some time this month.
Strategy: Attempt longs at 98.95; stop below 97.50. First target 99.50, then 100.70.
