http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-20.htmlEUR Comment: Little to add as we consolidate neatly under this year’s high at 1.5064 and above the 26-day moving average. Rising trendline and the Ichimoku ‘cloud’ will provide support and suggest a long position for a break to new highs later on. In the meantime allow for more sideways work. Strategy: Attempt small longs at 1.4925; stop below 1.4800. Short term target 1.5000/1.5055, eventually more. EUR/JPY Comment: All Yen crosses look a little top-heavy but not dramatically so. HopefullyFri, 20 Nov 2009 07:30:44 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-20.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-19.htmlEUR Comment: Consolidating neatly under this year’s high at 1.5064 and above the 26-day moving average. Rising trendline and the Ichimoku ‘cloud’ will provide support and suggest a long position for a break to new highs later on. Strategy: Attempt small longs at 1.4915; stop below 1.4800. Short term target 1.5000/1.5055, eventually more. EUR/JPY Comment: All Yen crosses are looking marginally more top-heavy. Hopefully this should gather pace helping nudge one another down towards the lowerThu, 19 Nov 2009 07:40:57 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-18.htmlEUR Comment: Tricky with yesterday’s pullback hinting that we might consolidate under this year’s high at 1.5064 for another week. However, moving averages and the Ichimoku ‘cloud’ suggest a long position for a break to new highs later on. Strategy: Attempt small longs at 1.4900; stop below 1.4800. Short term target 1.5000/1.5055, eventually more. EUR/JPY Comment: Yen crosses are drooping but not collapsing. This should gather pace, mirrored in all yen crosses, helping nudge one another down.Wed, 18 Nov 2009 07:26:01 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-18.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-17.htmlEUR Comment: Despite intra-day nervousness the 9-day moving average has managed to limit the downside. No guarantees this will do the trick again today but a test of this year’s high at 1.5064 looks imminent. Obviously in order to break to new highs strong daily and weekly closes are needed, here and in a series of other currencies. Strategy: Attempt small longs at 1.4960; stop below 1.4800. Short term target 1.5000/1.5055, eventually more. EUR/JPY Comment: A series of lower daily highs mightTue, 17 Nov 2009 07:28:17 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-17.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-16.htmlEUR Comment: All elements on this chart suggest a long medium term position. Obviously in order to break to new highs strong daily and weekly closes are needed, here and in a series of other currencies. Strategy: Attempt small longs at 1.4975, adding to 1.4900; stop below 1.4800. Short term target 1.5000/1.5055, eventually more. EUR/JPY Comment: Yen crosses continue to disappoint as they trade within this year’s ranges for months on end. This one, in the middle of the broad band, gives no clueMon, 16 Nov 2009 07:32:02 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-16.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-13.htmlEUR Comment: Yesterday’s ‘bearish engulfing’ candle suggests we can ‘look forward’ to consolidation roughly between 1.4700 and 1.5050 for another two weeks. We continue to feel that at-the-money implied volatility should increase towards month-end. Strategy: Possibly attempt small longs at 1.4875; stop below 1.4700. Short term target 1.5000/1.5055. EUR/JPY Comment: Hovering above the Ichimoku ‘cloud’ and quite frankly, does anyone care? Strategy: Attempt shorts at 134.35/135.00; stop aboveFri, 13 Nov 2009 07:35:02 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-13.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-12.htmlEUR Comment: Consolidating neatly just under this year’s high at 1.5064 and short term indicators are neutral. Though the Euro is not overbought we shall continue to allow for consolidation around 1.5000 for another week or two. Strategy: Attempt small longs at 1.4990; stop below 1.4900. Short term target this year’s high at 1.5064, then more medium term. EUR/JPY Comment: The ‘triangle’ of the last seven days or so may look neat and pretty but it gives no indication of the next direction andThu, 12 Nov 2009 07:11:44 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-11.htmlEUR Comment: Consolidating neatly just under this year’s high at 1.5064 amid generalised US dollar weakness. The Euro is not overbought and bullish pressure has increased slightly, as should implied volatility. Strategy: Attempt small longs at 1.4975; stop below 1.4800. Short term target this year’s high at 1.5064, then more. EUR/JPY Comment: A small ‘extension’ higher to 135.40 yesterday though still stuck in the middle of the large ‘triangle’ that has dominated for months. At the momentWed, 11 Nov 2009 07:27:41 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-11.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-10.htmlEUR Comment: Very close to this year’s high at 1.5064 amid generalised US dollar weakness. The Euro is not overbought and bullish pressure has increased slightly, as should implied volatility. High futures volume over the last two weeks suggest many are new to the party. Strategy: Attempt small longs at 1.5000, adding to 1.4950; stop below 1.4750. Short term target this year’s high at 1.5064, then more. EUR/JPY Comment: Stuck in the middle of the large ‘triangle’ that has dominated for months.Tue, 10 Nov 2009 07:21:33 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-10.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-09.htmlEUR Comment: The Euro found support from Fibonacci retracement as Antipodean currencies gap higher over the weekend. Bullish pressure has increased slightly, as should implied volatility. Strategy: Attempt small longs at 1.4935, adding to 1.4825; stop below 1.4700. Short term target 1.4955/1.4995, eventually this year’s high at 1.5064. EUR/JPY Comment: Hard to believe this is the eighth consecutive month prices hold in a ‘triangle’. With momentum just bearish, the Euro not oversold against theMon, 09 Nov 2009 07:33:16 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-09.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-06.htmlEUR Comment: Indecision with yesterday’s ‘doji’ candle. Bullish pressure might increase fractionally if we hold above the 50-day moving average at 1.4700. Strategy: Possibly attempt tiny longs at 1.4870; stop below 1.4700. Short term target 1.4900/1.4930. EUR/JPY Comment: Still thrashing around in the middle of this year’s broad range. With momentum just bearish, the Euro not oversold against the Yen, and a small ‘spike high’ Wednesday should sent this pair back down to 132.00, and eventuallyFri, 06 Nov 2009 07:22:54 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-05.htmlEUR Comment: Rallying more quickly and more strongly that we had though possible as the Euro bounces from Fibonacci and channel support. We continue to see the latest decline as corrective but are not sure where and how long it will take to form a new interim base. This process could take a couple of weeks so probably no need to rush in too quickly. Strategy: Possibly attempt small longs at 1.4820 but only if prepared to add to 1.4700; stop below 1.4620. Short term target 1.4900/1.4930.Thu, 05 Nov 2009 07:10:56 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-04.htmlEUR Comment: Good futures volume over the last five days as recent longs get stopped out on the break below 1.4680. The Euro has now bounced from Fibonacci and channel support at 1.4626 and likely to hold above here today. We continue to see the latest decline as corrective but are not sure where we will form an interim base. Strategy: Possibly attempt small longs at 1.4740; stop below 1.4620. Short term target 1.4855, maybe 1.4900. EUR/JPY Comment: Hovering in the middle of this year’s broadWed, 04 Nov 2009 07:21:10 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-03.htmlEUR Comment: Four consecutive alternating days thrashing around against Fibonacci and trendline support as we decide whether de-leverage will kick in. Allow for more of the same today and difficult work all week, with prices unlikely to hold quite so neatly between 1.4680 and 1.4860. Strategy: Possibly attempt small longs at 1.4785; stop below 1.4650. Short term target 1.4855, maybe 1.4900. EUR/JPY Comment: Hopefully the widening Ichimoku ‘cloud’ will start to exert more downside pressure overTue, 03 Nov 2009 07:15:24 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-02.htmlEUR Comment: Hovering around Fibonacci support as we consolidate under this year’s high, wondering which exactly is this year’s currency of choice when leveraging or de-leveraging. Allow for more of the same today and slow work all week. At-the-money implied volatility might pick up this month. Strategy: Possibly attempt small longs at 1.4750; stop below 1.4650. Short term target 1.4855, maybe 1.4900. EUR/JPY Comment: Plunging below the Ichimoku ‘cloud’ as all Yen crosses are hit hard. ThisMon, 02 Nov 2009 07:37:48 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-11-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-30.htmlEUR Comment: Bouncing from Fibonacci support but certainly not out of the woods yet. Allow for another week or two of consolidation under this year’s high. Meanwhile watch for signs of forming another interim base. Strategy: Possibly attempt tiny longs at 1.4835; stop below 1.4650. Short term target 1.4855, maybe 1.4900. EUR/JPY Comment: Thrashing around in the middle of this year’s very large ‘triangle’ and either side of a thin Ichimoku ‘cloud’. Watch for signs of topping again around 136.00Fri, 30 Oct 2009 07:27:16 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-30.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-29.htmlEUR Comment: Giving up 61% of the most recent gains prompting some to talk about a major turn in the US dollar’s fortunes. This is very premature as the Euro remains within its ‘channel’, moving averages and the Ichimoku ‘cloud’ suggesting a long Euro position. The Euro is almost oversold and momentum is nil. Very good volume in the futures market suggests those recently arrived at the party are bailing out of overly-aggressive positions. Allow for several weeks’ worth of correction andThu, 29 Oct 2009 07:27:30 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-29.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-28.htmlEUR Comment: Dropping to the 26-day at 1.4770, giving up 50% of the most recent gains. The Euro is no longer overbought and bullish momentum is almost nil. Expect it to try and hold at current levels today. Strategy: Possibly attempt small longs at 1.4835; stop below 1.4760. Short term target 1.4875, then 1.5055. EUR/JPY Comment: Retreating from the top of this year’s very large ‘triangle’, plunging through the 9-day moving average towards a relatively thin Ichimoku ‘cloud’. We shall continueWed, 28 Oct 2009 07:23:10 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-28.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-27.htmlEUR Comment: Time for a breather as news that it trades over 1.5000 hits the front page in some newspapers. Yesterday’s large ‘bearish engulfing’ candle suggest we shall correct and consolidate below this year’s high at 1.5064 this week and probably next. Dropping below the 9-day moving average and hopefully finding support at the 26-day one at 1.4770 and short term 50% Fibonacci support. The Euro is no longer overbought and bullish momentum has dropped significantly. Strategy: Attempt longsTue, 27 Oct 2009 07:55:19 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-27.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-23.htmlEUR Comment: Another new high for this year at 1.5061 with the 9-day moving average rising quickly. The Euro is slightly overbought and bullish momentum is fairly strong and might increase on a weekly close above the psychological 1.5000 level. Strategy: Attempt small longs at 1.5015, adding on a dip to 1.4950; stop below 1.4800. Add to longs on a sustained break above 1.5065 for 1.5245 short term. EUR/JPY Comment: Rallying to some of the highest prices this year (as other Yen crosses trade upFri, 23 Oct 2009 06:32:56 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-23.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-22.htmlEUR Comment: Posting a new high for this year at 1.5047 with the 9-day moving average once again giving it another little leg up. Interestingly the Euro is not overbought and bullish momentum is fairly strong. Futures volume is about triple what it was at the beginning of this century, but not open interest, suggesting a lot of small speculators. Many have missed the US dollar’s generalised weakness. Strategy: Attempt small longs on a dip to 1.4935/1.4900; stop below 1.4800. Add to longs on aThu, 22 Oct 2009 07:50:34 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-22.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-21.htmlEUR Comment: Hovering under this year’s high at 1.4994 and we shall watch closely to see whether the 9-day moving average will once again limit the downside. Small signs of instability, here and in several other currencies, so today may not be the day latecomers arrive at the party. Note that consensus opinion at the beginning of this month was that the Euro would weaken against the US dollar. Strategy: Attempt small longs at 1.4935; stop below 1.4800. Add to longs on a sustained break aboveWed, 21 Oct 2009 07:29:09 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-21.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-20.htmlEUR Comment: Rallying to a new high for this year at 1.4994 even sooner than we had hoped after closing at this year’s high yesterday. The Euro is only slightly overbought and the 9-day moving average gave it another leg up yesterday. While most elements suggest a break above the psychological 1.5000 level is imminent, caution is warranted because yesterday’s ‘hanging man’ candle shows signs of instability at current levels. Note that consensus opinion at the beginning of this month was thatTue, 20 Oct 2009 06:39:46 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-20.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-19.htmlEUR Comment: Consolidating neatly under 1.4968, which was also an interim high in November 2007. The Euro is not so overbought and is clinging to the 9-day moving average – which has done an excellent job limiting intra-day lows this month. Expect a little more consolidation prior to another break higher, dips hopefully contained by the 26-day average at 1.4723. Strategy: Attempt small longs at 1.4885; stop below 1.4800, then watch for signs of forming a new interim low. Short term targetMon, 19 Oct 2009 06:43:24 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-16.htmlEUR Comment: Even half-baked stockbrokers are becoming aware of the US dollar’s weakness, and the Treasury’s Geithner links the currency’s strength to times of fear and crisis. The Euro is slightly overbought so perhaps its time to take a breather today. A weekly close above 1.4800 would confirm that the next leg of the rally has started. Strategy: Possibly attempt small longs at 1.4920; stop below 1.4800. Add to longs on a break above 1.4975 for 1.5000/1.5085 short term and then 1.5245.Fri, 16 Oct 2009 06:47:45 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-16.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-15.htmlEUR Comment: Pushing relentlessly higher as the reluctant are dragged in kicking and screaming. It is of course just one of many currencies hitting a new high for the year against the US dollar. Yesterday’s close above 1.4900 adds weight to our view that we have started the next leg of a long term rally; a weekly close above 1.4800 would confirm. Bullish momentum has increased a little again but the Euro is overbought. More of the same today. Strategy: Buy at 1.4955, adding to 1.4845; stopThu, 15 Oct 2009 06:36:05 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-15.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-14.htmlEUR Comment: Just one of many currencies hitting a new high for the year against the Euro. Yesterday’s close above 1.4800 suggests we have started the next leg of a long term rally; a weekly close above here would confirm. Bullish momentum is good though the Euro is overbought – but does anyone care? Strategy: Buy at 1.4895, adding to 1.4845; stop below 1.4745. Add to longs on a break above 1.4915 and again above 1.4975 for 1.5000/1.5085 short term and then more. EUR/JPY Comment: Back underWed, 14 Oct 2009 06:41:50 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-14.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-13.htmlEUR Comment: Better bid than we had expected as we consolidate above the 9-day moving average. We shall continue to pencil in another week or two of consolidation which would allow the Ichimoku ‘cloud’ and trendline support to move closer to the Euro. Until the Euro manages a daily (and preferably weekly) close above 1.4800 we cannot rule out another test of support between 1.4600 and 1.4400. Strategy: Possibly attempt small shorts at 1.4790; stop/reverse above 1.4845. Cover between 1.4650 andTue, 13 Oct 2009 06:24:34 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-13.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-12.htmlEUR Comment: Stuck between this year’s high at 1.4845 (and a potential small ‘double top’) and above the 9-day moving average as weaker currencies are hit first. We shall continue to pencil in another week or two of consolidation which would allow the Ichimoku ‘cloud’ and trendline support to move closer to the Euro. Until the Euro manages a daily (and preferably weekly) close above 1.4800 we cannot rule out another test of support between 1.4600 and 1.4400. Strategy: Possibly attempt smallMon, 12 Oct 2009 06:44:46 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-09.htmlEUR Comment: Stalling just ahead of this year’s high at 1.4845 and a potential small ‘double top’. This suggests another week or two of consolidation which would allow the Ichimoku ‘cloud’ and trendline support to move closer to the Euro. Until the Euro manages a daily (and preferably weekly) close above 1.4800 we cannot rule out another test of support between 1.4600 and 1.4400. Strategy: Possibly attempt the tiniest of shorts at 1.4725, adding to 1.4800; stop/reverse above 1.4845. CoverFri, 09 Oct 2009 06:29:15 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-09.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-08.htmlEUR Comment: Limping along behind the leaders as the US dollar weakens against a raft of major currencies. Momentum is zero and the Euro is certainly not overbought. Allow for hesitation at the 1.4750 area this morning, and mainly all day. Until the Euro manages a daily (and preferably weekly) close above 1.4800 we cannot rule out another test of support between 1.4600 and 1.4500. Strategy: Possibly attempt the tiniest of shorts at 1.4755; stop/reverse above 1.4845. Cover between 1.4650 andThu, 08 Oct 2009 06:42:37 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-08.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-07.htmlEUR Comment: Closing above the top of a neat little ‘channel’ and the 9-day moving average as the US dollar weakens against a raft of major currencies. Momentum is zero and the Euro is certainly not overbought. A little more of the same today. Strategy: Attempt longs at 1.4725 but only if prepared to add to 1.4650; stop well below 1.4600. Short term target 1.4765/1.4800, eventually 1.5000. EUR/JPY Comment: Still hovering rather precariously on trendline support and Yen crosses are all lookingWed, 07 Oct 2009 07:22:16 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-06.htmlEUR Comment: Breaking above the top of a neat little ‘channel’ and the 9-day moving average as the US dollar weakens against a raft of major currencies. Momentum is zero and the Euro is a long way from being overbought so will not hamper rallies. However, this does mean that it is trailing badly behind the leaders (NZD +3.0% in the last five days, then NOK followed by AUD and CAD). Strategy: Attempt longs at 1.4740 but only if prepared to add to 1.4650; stop below 1.4480. Short term targetTue, 06 Oct 2009 06:34:12 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-05.htmlEUR Comment: Testing the top of a neat little ‘channel’ though still capped by the 9-day moving average. Over the next week or two we shall have to allow for another downside test but the rally from the 1.4500 area Friday makes recent price action look increasingly like consolidation. Momentum is zero and the Euro is a long way from being overbought. Strategy: Attempt longs at 1.4630/1.4600; stop well below 1.4500. Short term target 1.4675/1.4700. EUR/JPY Comment: Bouncing from trendlineMon, 05 Oct 2009 06:19:26 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-02.htmlEUR Comment: Pulling slowly back in a neat little ‘channel’, capped again by the 9-day moving average. Today allow for a basing attempt against the short term 50% Fibonacci retracement and 26-day moving average at 1.4500. Momentum is zero and the Euro is a long way from being overbought. Strategy: Attempt longs at 1.4545; stop well below 1.4500. Short term target 1.4675/1.4700. EUR/JPY Comment: Hovering on trendline support, nervously trying to decide if it will succumb to the inevitable. NoteFri, 02 Oct 2009 06:54:01 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-01.htmlEUR Comment: Consolidating neatly in a little ‘channel’, capped by the 9-day moving average. Today allow for a re-test of the short term 50% Fibonacci retracement and 26-day moving average at 1.4500. Momentum is zero and the Euro is a long way from being overbought. Strategy: Attempt longs at 1.4565; stop below 1.4500. Short term target 1.4700. EUR/JPY Comment: Hovering slightly uneasily above trendline support and below the Ichimoku ‘cloud’. Note that the Euro is still oversold against theThu, 01 Oct 2009 06:25:39 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-10-01.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-30.htmlEUR Comment: A small bounce from support at 50% Fibonacci retracement and 26-day moving average at 1.4500. If we can take out yesterday’s high at 1.4646 allow for a squeeze to the 9-day average at 1.4683. Hardly compelling stuff but that’s what we have to expect for a period of correction and consolidation. Strategy: Attempt longs at 1.4630/1.4590; stop below 1.4500. Short term target 1.4700. EUR/JPY Comment: Yen crosses are looking for direction. This one is poised above trendline support andWed, 30 Sep 2009 06:43:10 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-30.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-29.htmlEUR Comment: Correcting and consolidating, clearly above the most recent Fibonacci retracement, between the nine-day and twenty-six day averages. Allow for more sideways work today and maybe for a fortnight. Strategy: Attempt longs at 1.4635/1.4590; stop below 1.4500. Short term target 1.4700. EUR/JPY Comment: Poised on trendline support below the Ichimoku ‘cloud’ and the question is: how long will it take to break below here? Note that the Euro is oversold against the Yen, and other YenTue, 29 Sep 2009 06:17:13 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-29.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-28.htmlEUR Comment: Retreating neatly from this year’s high at 1.4845, still clearly above the most recent Fibonacci retracement though below the nine-day average for the first time this month. Allow for more sideways work today noting that the Euro is on its way to becoming oversold. Strategy: Attempt longs at 1.4590; stop below 1.4500. Short term target 1.4700. EUR/JPY Comment: Testing trendline support inside a very large weekly Ichimoku ‘cloud’. Slightly worrying that selling pressure was so veryMon, 28 Sep 2009 06:32:13 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-28.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-25.htmlEUR Comment: Retreating from this year’s high at 1.4845, still clearly above the most recent Fibonacci retracement. Allow for more sideways work today where a weekly close above 1.4700 is needed to maintain current decent levels of bullish momentum. Strategy: Buy at 1.4690; stop below 1.4600. Add to longs on a break above 1.4800 and again above 1.4855 for 1.5000 medium term and more long term. EUR/JPY Comment: Dropping to the bottom edge of the daily Ichimoku ‘cloud’ where a weekly close belowFri, 25 Sep 2009 06:25:42 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/daily-technical-analysis/2009-09-25.html