EUR
Comment: Trying to base and bounce from the bottom of a large ‘flag’ formation, but could do a lot better if momentum were to turn bullish. Expect another cautious push higher today.
Strategy: Attempt small longs at 1.3025; stop below 1.2850. Add to longs on a sustained break above 1.3050 and again above 1.3100 for 1.3400 short term.
EUR/JPY
Comment: Going precisely nowhere. 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 longs at 127.70; stop well below 126.00. Short term target 128.00 then 130.00.
GBP
Comment: Bouncing from the top of the Ichimoku ‘cloud’ and note that the 26-day moving average has moved up sharply to 1.4590. Bullish momentum might increase if we hold above 1.4500 today.
Strategy: Attempt longs at 1.4555; stop below 1.4350. Short term target 1.4700 then 1.4850.
JPY
Comment: Still 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, so that an initial dip to a new recent low is reversed later in the day.
Strategy: Attempt longs at 98.00; stop well below 97.50. First target 99.00/99.50.
