EUR
Comment: Little to add as we hold precariously in a small range just below retracement support, on the edge of the large Ichimoku ‘cloud’, at the bottom of a ‘flag’ formation. The Euro is oversold so watch for a sharp reversal by the end of this week.
Strategy: Attempt small longs at 1.2935; stop below 1.2850. Add to longs on a sustained break above 1.3000 and again above 1.3100 for 1.3400 short term.
EUR/JPY
Comment: Inconclusive as we hold within traditional retracement parameters but garnering no bullish momentum. Allow for more random moves either side of the 130.00 area for another few weeks, with basing activity against the 126.00 area first followed by a cautious rally.
Strategy: Attempt tiny longs at 127.00; stop below 126.00. Short term target 128.00 then 130.00.
GBP
Comment: Bouncing neatly from the 26-day moving average and the top of the Ichimoku ‘cloud’. Bullish pressure might increase if we hold above 1.4600 today.
Strategy: Attempt longs at 1.4625; stop below 1.4430. Short term target 1.4700 then 1.4850.
JPY
Comment: Holding just above the 50% retracement level, between the 9 and 26-day moving averages. Allow for yet more of the same today with chart levels not holding well.
Strategy: Strategy remains unchanged: attempt longs at 98.35; stop below 97.50. First target 99.00/99.50.
