EUR
Comment: Very disappointing as the Euro gives up at recent highs around 1.3800 having gathered no bullish momentum from other better performing currencies. Moving averages have crossed to bullish but the massive Ichimoku ‘cloud’ is very daunting.
Strategy: Attempt small longs at 1.3510; stop below 1.3400. First target 1.3600, then 1.3800.
EUR/JPY
Comment: One of the neater yen crosses but don’t be lulled into a false sense of security. These remain directionless and are not holding recent ranges.
Strategy: Possibly attempt small shorts at 122.35 but only if prepared to add to 124.00; stop above 125.45. First target 122.00, then 121.50.
GBP
Comment: First the top, now the bottom of the potential ‘flag’ formation is being tested. We still feel Cable is trying to form an important medium term low point, but remains very vulnerable here, and against all other currencies, to a sudden very large ‘spike’.
Strategy: Attempt tiny shorts at 1.4960; stop below 1.4900. First target 1.5200.
JPY
Comment: Closing on Friday exactly on the thinnest bit of the Ichimoku ‘cloud’ with sharp sudden intra-day moves as this pair looks for direction. Beware of knee-jerk reactions as initial moves may end in reversals later.
Strategy: Attempt small shorts at 90.45; stop above 91.15. First downside target 90.00, then 89.30/89.00
