EUR
Comment: Testing the top of the ‘triangle’, weekly trendline resistance and the top of a large Ichimoku ‘cloud’. Hopefully other currencies will sit up and listen, helping the Euro and each other higher.
Strategy: Attempt small longs at 1.4170, adding to 1.4080; stop below 1.4000. Short term target 1.4200, then this year’s high at 1.4339.
EUR/JPY
Comment: Rallying again towards the 61% Fibonacci resistance and the top of the Ichimoku ‘cloud’. Watch for signs of topping today and tomorrow.
Strategy: Possibly attempt small shorts at 134.20; stop well above 135.25. Short term target 133.00, then 131.50.
GBP
Comment: Little to add as we hover under the upper edge of a ‘triangle’ formation. Cable is not overbought and momentum is zero. Watch AUD and NZD for signs of breaking to new recent highs.
Strategy: Attempt small longs at 1.6420; stop below 1.6155. First target 1.6470/1.6500, then 1.6600.
JPY
Comment: Rallying a little more than we had allowed for in thin market conditions. Watch for signs of topping today and tomorrow. Momentum is still just bearish and the US dollar is not at all oversold.
Strategy: Attempt shorts at 93.70; stop above 94.55. Cover between 93.00 and 92.50.
