EUR
Comment: Shying away from this year’s high at 1.4339, retreating towards the top of the Ichimoku ‘cloud’. This will hopefully help form an interim low which will eventually push the Euro to new highs for this year.
Strategy: Attempt longs at 1.4075; stop well below 1.3900. Short term target 1.4100, then 1.4300.
EUR/JPY
Comment: Retreating from some of the highest levels this year to the middle of the Ichimoku ‘cloud’. Hopefully we will drop slowly to its lower edge by the end of the week.
Strategy: Attempt small shorts at 133.75, adding to 134.40; stop well above 135.00. Add to shorts on a sustained break below 132.80 for 132.00/131.85 and more longer term.
GBP
Comment: Holding up better than many as it is other currencies’ turn to be slapped down. Hopefully a very large, rising Ichimoku ‘cloud’ will lead to a break above the upper edge of the ‘triangle’ consolidation pattern.
Strategy: Attempt longs at 1.6420; stop well below 1.6300. First target 1.6550/1.6600 and then this year’s high at 1.6745.
JPY
Comment: Thrashing around between 94.00 and 95.35 for four days in a row and we still see this as an attempt at topping against Fibonacci resistance. Momentum has yet to turn bearish so we might be in for another slow week.
Strategy: Attempt shorts at 95.00; stop well above 95.40. Add to shorts on a sustained break below 94.00 for 93.25.
