EUR
Comment: Painfully slow as the Euro keeps on shying away from this year’s high at 1.4339. Patience, but eventually bullish moving averages and a thick Ichimoku ‘cloud’ should nudge it higher.
Strategy: Attempt longs at 1.4150; stop well below 1.4100. Short term target 1.4300/1.4339, a lot more on a sustained break above 1.4375.
EUR/JPY
Comment: Retreating from some of the highest levels this year and dropping to the middle of the Ichimoku ‘cloud’. Hopefully we will drop to its lower edge by the end of the week.
Strategy: Attempt shorts at 133.30, adding to 134.75; stop above 136.25. Add to shorts on a sustained break below 132.85 for 132.00/131.85 and more longer term.
GBP
Comment: Nothing to add as Cable hovers reluctantly under the upper edge of a ‘triangle’ consolidation pattern.
Strategy: Attempt small longs at 1.6400; stop well below 1.6300. First target 1.6550/1.6600 and then this year’s high at 1.6745.
JPY
Comment: Stalling against Fibonacci retracement and dropping back down to a sort of ‘neckline’ of a large toping pattern that has been building since March. Momentum has yet to turn bearish so we might be in for another slow week.
Strategy: Attempt shorts at 94.15, adding to 94.80; stop well above 95.40. Add to shorts on a sustained break below 94.00 for 93.25.
