http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-11-02.htmlMonthly Outlook for EUR Comment: The rally to a high at the psychological 1.5064 last month is seen as the tiny ‘extension’ we had warned of. We shall allow for consolidation in a fairly narrow range under here this month, roughly between Fibonacci retracement support at 1.4500 and 1.4900. More importantly, declines are seen as medium and long term buying opportunities for an even weaker US dollar towards year-end and into Q1 2010. A weekly close below 1.4200 would force us to adjust. MonthlyMon, 02 Nov 2009 14:41:33 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-11-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-10-06.v02.htmlMonthly Outlook for EUR Comment: Last month the Euro squeezed higher, as expected, and is now due a short period of consolidation in the 1.4600/1.4800 area, though an extension to the psychological 1.5000 level cannot be ruled out. More importantly, declines are seen as medium and long term buying opportunities for an even weaker US dollar later this year. Dips might be limited to the nine-week moving average at 1.4443 which also happens to be the first Fibonacci support. A weekly close belowTue, 06 Oct 2009 08:38:33 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-10-06.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-09-04.htmlMonthly Outlook for EUR Comment: Very dull as the Euro has gone precisely nowhere over the last month, so that consensus opinion remains firmly in favour of the US dollar. Small mercies as it holds above the top of a very large flat-topped weekly Ichimoku ‘cloud’ and 38% Fibonacci retracement. Moving averages support, momentum is a tiny bit bullish, the Euro is not overbought and there is little to impede the Lagging Span from moving higher. A weekly close above 1.4400 should set off a squeezeFri, 04 Sep 2009 05:37:01 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-09-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-08-06.htmlMonthly Outlook for EUR Comment: Going according to plan as ‘pennant’ consolidation leads to two consecutive weekly closes above the top of the very large flat-topped Ichimoku ‘cloud’ and through long term trendline resistance. Moving averages support, momentum is strongly bullish, the Euro is not overbought and so hopefully thin summer markets will see it burst higher, a weekly close above 1.4400 setting off a squeeze to 1.4600/1.4800 and probably an extension to the psychological 1.5000.Thu, 06 Aug 2009 13:13:52 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-08-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-07-02.htmlMonthly Outlook for EUR Comment: Following May’s strong rally the Euro has consolidated in a very small range in what might be a ‘pennant’ formation. Having retraced half of last year’s losses, holding roughly where it started off in October, and below a very large flat-topped Ichimoku ‘cloud’. Moving averages have crossed to bullish and hopefully thin summer markets will let it break above here, a weekly close above 1.4400 setting off a squeeze to 1.4600/1.4800 and an extension to theThu, 02 Jul 2009 07:16:12 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-07-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-06-01.htmlMonthly Outlook for EUR Comment: The Euro gathered speed over the last three weeks having broken above trendline resistance, posting one of it biggest ever monthly gains. It has now retraced half of last year’s losses taking it to where it started off in October’s debacle. Though overbought we favour another month of stellar gains because bullish momentum is at its strongest ever. A weekly close above 1.4400 should make moving averages cross to bullish setting off a squeeze to 1.4600/1.4800,Mon, 01 Jun 2009 12:56:16 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-06-01.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-05-05.htmlMonthly Outlook for EUR Comment: Slow work last month as the Euro holds in a ‘flag’ formation. It is trying to break higher and should test trendline resistance and the 26-week moving average at 1.3553 this month. A sustained break above here should add to current bullish momentum while a break above March’s high at 1.3739 should set off another round of short-covering. Weekly closes above these levels should turn momentum decidedly bullish for a squeeze to 1.4500/1.4700, something which mightTue, 05 May 2009 12:47:14 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-05-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-04-07.htmlMonthly Outlook for EUR Comment: Price action since last year’s low at 1.2329 is seen as a potential, irregular, very large ‘double bottom’. Since March’s low at 1.2457 we feel we have built a small ‘flag’ or ‘pennant’ and that over the next six weeks a strong rally is due. Despite very large ‘spike highs’ the Euro has not managed a weekly close above 1.4070, which coupled with the flat Ichimoku ‘cloud’ top at 1.4180 hints at levels where stop-loss orders might lie. Once above these levelsTue, 07 Apr 2009 08:02:59 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-04-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-03-03.htmlMonthly Outlook for EUR Comment: February was a difficult, tiring month for this currency pair which, despite nasty intra-day moves, ended up going pretty much nowhere. We still view the process as an attempt at forming an interim low and so long as we hold above last year’s low at 1.2329, still seen as a buying opportunity for an eventual move higher later this month and through much of this year. A weekly close below 1.2400 would force us to re-think. Monthly Outlook for GBP Comment: HoldingTue, 03 Mar 2009 06:07:25 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-03-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-02-04.htmlMonthly Outlook for EUR Comment: January’s retreat has been a lot deeper and has lasted longer than we expected: a generally disappointing performance with FX moves here and in many currencies very inconclusive. Dips, so long as we hold above last year’s low at 1.2329, are still seen as buying opportunities for an eventual move higher later this month and through much of this year. A weekly close below 1.2400 would force us to re-think. Monthly Outlook for GBP Comment: Sterling’s collapse to aWed, 04 Feb 2009 06:16:04 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-02-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-01-06.htmlMonthly Outlook for EUR Comment: December’s massive rally from a ‘triangle’ base underlines the fact that October’s drop was a move in the ‘wrong’ direction caused by the unwinding of leverage trades. We have formed an important interim low in the very long term trend to Euro strength that started in 2001, recovering 50% of prior declines. Over the coming month we feel the Euro should consolidate around current levels, below 1.4600 and probably no lower than the 1.3200 area. Dips are seen asTue, 06 Jan 2009 10:05:31 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2009-01-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-12-02.htmlMonthly Outlook for EUR Comment: Consolidation in a series of complex yet sharp swings around 1.2750 last month, as expected, and while the Euro has not dropped further there are precious few signs that we may have completed an interim low. Allow for another month or two of similar price action as we continue the mammoth and lengthy process of trying to form a new low point from which the next long term rally will start. As part of this process ‘extensions’ lower and ‘false breaks’ higher areTue, 02 Dec 2008 06:42:50 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-12-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-11-06.htmlMonthly Outlook for EUR Comment: The vicious correction since late July came as a complete surprise and has dented our confidence badly. As in 1998, we have underestimated the impact that the selling of Yen crosses has on European currencies. October’s 18.5 big figure decline, hot on the heels of 17.5 big figures the previous two months, saw one-month at-the-money implied volatility hit a record 28.50% and the Euro reach its most oversold ever. We hope it regains a little composure this monthThu, 06 Nov 2008 12:22:31 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-11-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-10-02.htmlMonthly Outlook for EUR Comment: The sudden collapse of the last two months, while an awful lot bigger than we had allowed for, is still within normal retracement parameters and similar in size to the 20 cent decline of 2005. A small bounce from Fibonacci retracemnet levels, above long term trendline support and the December 2004 high at 1.3670, suggest we will consolidate around 1.4400 this month. Allow for sharp intra-day and weekly price swings between 1.4000 and 1.5000, exacerbated by thinThu, 02 Oct 2008 07:15:42 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-10-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-09-02.htmlMonthly Outlook for EUR Comment: We had allowed for a break below the neat trading band of the previous four months but had not expected anything quite on this scale. A lesson in complacency, with the speed and extent of the drop smacking of a major clear-out in thin summer markets. Nevertheless we are within normal Fibonacci retracemnet levels, above long term trendline support, and hopefully a very big Ichimoku ‘cloud’ will stem the decline. This month wait and watch for a reversalTue, 02 Sep 2008 13:22:41 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-09-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-08-06.htmlMonthly Outlook for EUR Comment: Still trapped in a surprisingly neat and small trading range. Complacency and thin markets could cause a brief break outside the range. Any dip to 1.5200, and probably no lower than 1.5000, is seen as a good buying opportunity for renewed US dollar weakness later this year. Hopefully a very big Ichimoku ‘cloud’ will then push the Euro higher later this month and during September. A weekly close below 1.4800 would force us to review. Monthly Outlook for GBPWed, 06 Aug 2008 10:05:39 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-08-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-07-03.htmlMonthly Outlook for EUR Comment: Very difficult to anticipate each and every small turn in this currency pair since March. Far better to accept that we are consolidating in what is at the moment best described as a ‘rectangle’ (or possibly a ‘flag’). Over the next five weeks we shall allow for an infinite number of price swings which will probably pop outside of the recent band. Try not to be fooled into labelling moves beyond 1.5285 and 1.6020 as ‘breakouts’. We urge caution and a good doseThu, 03 Jul 2008 06:29:11 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-07-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-06-04.htmlMonthly Outlook for EUR Comment: The Euro is currently in a third leg of what we see as a period of correction and consolidation. This should continue in June, possibly for longer than that, with a top at 1.6000 and a low unlikely to be lower than 1.5000. Later this year we favour renewed, generalised, and potentially chronic, US dollar weakness. A weekly close below 1.4800 would force us to review. Monthly Outlook for GBP Comment: Cable eventually based at 1.9360 last month, lower than weWed, 04 Jun 2008 07:31:47 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-06-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-05-07.htmlReuters May 2008 FX poll. Reuters will be publishing their regular monthly FX poll Wednesday 7th May with estimates for major currencies against the US dollar (in 1 to 12 months’ time) and Scandinavian ones. The Mizuho Corporate Bank entries are supplied from London and are based on Technical Analysis. You will also be able to see what the other 60 banks/forecasters are predicting; the mean, the maximum and the minimum forecasts for the different periods. To see these please use a ReutersWed, 07 May 2008 08:41:14 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-05-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-03-04.htmlReuters March 2008 FX poll. Reuters will be publishing their regular monthly FX poll Wednesday 5th March with estimates for major currencies against the US dollar (in 1 to 12 months’ time) and Scandinavian ones. The Mizuho Corporate Bank entries are supplied from London and are based on Technical Analysis. You will also be able to see what the other 65 banks/forecasters are predicting; the mean, the maximum and the minimum forecasts for the different periods. To see these please use a ReutersTue, 04 Mar 2008 13:16:07 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-03-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-02-05.htmlMonthly Outlook for EUR Comment: The Euro has spent the last month steeling itself for a break to a new all-time high and above the psychological 1.5000 level. Probably this month, and if not by the end of Q1 2008, we think this will happen and our measured target from ‘triangle’ consolidation is 1.5400 and then 1.5750. Note that many are balking at paying so high and that futures positions are still a lot lower than at last year’s peak, so need re-building. Many will be dragged into the partyTue, 05 Feb 2008 08:31:23 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2008-02-05.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-11-03.htmlMonthly Outlook for EUR Comment: Stalling at 1.4508 today, just ahead of the strongest the Deutschemark got to the greenback – DEM 1.3455 in March 1995, equivalent to EUR/USD 1.4535. October’s monthly close at the strongest level ever and almost at the high of the candle suggests we shall have a stab at 1.4535/1.4550 some time early this month. However, we warn against over-optimism as year-end worries loom large. Therefore we then favour some consolidation between here and 1.4000. The problemSat, 03 Nov 2007 06:13:36 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-11-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-08-02.htmlMonthly Outlook for EUR Comment: Just when some eventually embraced the idea of a weak US dollar, we have formed a small ‘spike high’ on the monthly chart. Coupled with last week’s large ‘bearish engulfing’ candle these suggests we shall consolidate under the all-time high at 1.3853 this month. Pullbacks are seen as buying opportunities for another move higher later this year. No need to rush in at the moment as the process of correction and consolidation may take up to six weeks. Dips toThu, 02 Aug 2007 07:01:29 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-08-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-06-04.htmlMonthly Outlook for EUR Comment: Correction and consolidation last month has erased the overbought situation. So far the Euro has held above 1.3400 as expected, but we may see a very small and brief dip below here early this month. Then back up again to the all-time high of 1.3683 hopefully within six weeks. Resistance levels below are based on the Deutschmark. A weekly well below 1.3400 would force us to adjust. Monthly Outlook for GBP Comment: We continue to favour at least a month ofMon, 04 Jun 2007 15:02:43 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-06-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-05-02.htmlMonthly Outlook for EUR Comment: The Euro nudged to a new all-time high at 1.3683, as expected, and more importantly managed a monthly close clearly above 1.3525. This is equivalent to an important long term chart point for the Deutschmark, DEM 1.4460, below which the US dollar has rarely traded. The lowest it ever got to was DEM 1.3450 in April 1995, with monthly lows between here and 1.4460 for the next twelve months. Over the coming month the Euro should hold above 1.3400, setting up forWed, 02 May 2007 09:43:56 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-05-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-04-03.htmlMonthly Outlook for EUR Comment: The strongest monthly close bar one (December 2004) and above the pivotal long term chart area around 1.3250. During April we shall expect cautious probes of key ultra-long term resistance that lies between 1.3300 and the all-time high of 1.3670 set in December 2004. Because we are at such very lofty levels, pullbacks are likely to be sudden and sharp, making for difficult trading conditions. Some time in Q2 2007 we expect a new all-time high. A sustained breakTue, 03 Apr 2007 08:36:45 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-04-03.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-03-09.htmlMonthly Outlook for EUR Comment: The Euro continues to consolidate under key ultra-long term resistance that lies between 1.3300 and the all-time high of 1.3670 set in December 2004. If not this month then early in April we favour a concerted upside test which will probably involve sharp intra-day price swings and potentially verbal intervention. A sustained break below 1.2800 would force us to adjust. Monthly Outlook for GBP Comment: While at first sight this may look boring the fact thatFri, 09 Mar 2007 10:38:38 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-03-09.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-01-02.htmlMonthly Outlook for EUR Comment: December’s consolidation under 1.3400 takes the shape of a ‘flag’ with prices holding above retracement support at 1.3000, as expected. This has corrected what had been a very overbought Euro and the scene is now set for another bout of generalised US dollar weakness this month. We favour a squeeze to 1.3500 and probably the all-time high of 1.3670 set in December 2004. Then consolidation either side of 1.3600, with implied volatility picking back up to theTue, 02 Jan 2007 18:18:36 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2007-01-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-12-04.htmlMonthly Outlook for EUR Comment: After six months in the doldrums the Euro has sprung into life with a vengeance, taking the complacent and the unwary completely by surprise. It is very overbought at the moment so possibly allow for a little hesitation initially. Dips, which are unlikely to be lower than 1.3000, are seen as good buying opportunities for further US dollar declines. Thin year-end markets mean that traders and investors should prepare for sharp moves and ones that may overshootMon, 04 Dec 2006 16:28:06 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-12-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-11-02.htmlMonthly Outlook for EUR Comment: Another ‘spike low’ at 1.2500 underlines the fact that there are decent bids in that area. However, seeing as we are merely back in the middle of the small range of the last six months, it is hard to get too excited. Nevertheless we continue to view this as preparation for an eventual break above 1.3000 where the Euro is likely to lag high-yielders and some Asian currencies. Record low at-the-money implied volatility hints at unstable overly-aggressiveThu, 02 Nov 2006 09:14:51 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-11-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-10-02.htmlMonthly Outlook for EUR Comment: Very dreary as the Euro spends a fifth consecutive month consolidating in an increasingly narrow trading range. We continue to view this as a market getting used to holding above 1.2500 and preparation for an eventual break above 1.3000. Record low at-the-money implied volatility hints at unstable aggressive positioning. A weekly close below 1.2350 would force us to adjust. Monthly Outlook for GBP Comment: Price action over the last month has added nothing toMon, 02 Oct 2006 09:48:13 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-10-02.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-09-04.htmlMonthly Outlook for EUR Comment: Contrary to our expectations, the Euro has spent yet another month guttering around below the key 1.3000 level. While slightly disappointing, this is seen as consolidation at these slightly higher levels as the market gets used to holding above 1.2500. Expect more of the same early this month, but hopefully within the next four weeks it will manage a weekly close above here. This should add some much-needed bullish momentum for a squeeze up to 1.3200, maybeMon, 04 Sep 2006 09:58:24 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-09-04.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-08-08.htmlMonthly Outlook for EUR Comment: July’s rally is expected to continue in August, fuelled by thin markets and complacency. Our first target remains at 1.3000, maybe squeezing briefly above here to 1.3150, before settling back below 1.3000 later on. This is seen as the resumption of the very long term trend to generalised US dollar weakness, where high-yielding major currencies should outperform the Euro, but it should do better than some of the Asian ones. Longer term we favour a re-test of theTue, 08 Aug 2006 08:56:46 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-08-08.htmlhttp://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-06-28.htmlMonthly Outlook for EUR Comment: Having rushed up to the 1.3000 area mid-month, prices have consolidated in a very neat and narrow band. Unable to close above 1.3000 on the month, we look set for a month’s worth of consolidation around current levels. Allow for a dip below 1.2700, to 1.2600 and no lower than 1.2400. Then back up to 1.3000, maybe squeezing briefly above here to 1.3150, before settling back below 1.3000. A weekly close below 1.2350 would force us to adjust. Monthly Outlook forWed, 28 Jun 2006 05:53:42 GMThttp://www.fxstreet.com/technical/analysis-reports/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/analysis-reports/monthly-technical-outlook/2006-06-28.html