Intraday Outlooks For EUR/USD, USD/JPY, USD/CAD

The following are the intraday outlooks for EUR/USD, USD/JPY, and USD/CAD as provided by the technical strategy team at SEB Group.

EUR/USD: Should find bids at 1.0885/1.0860. Conditions are there for an extended period of consolidation or even a decent correction higher and in this process the 1.1063/98-pivot should be tested. A short-term 1.1218 'Equality point' is also on the agenda. But first things first; near-term buyers ought to show up in the nearby 1.0885/60 support zone or else at 1.0770/55. More support (preferably not to be retested for the time being) is located at 1.0654/13. Current intraday stretches are located at 1.0795 & 1.1015.

USD/JPY: Upholding pressure on support. Price action is mostly bearish and is currently opposing the general uptrend. Ascending trendlines and prior lows in the 119.50/119.29-zone constitute support, but it remains under pressure as long as sellers keep responding to rallies to/above 121-level. Loss of support should lower the bar to a prior 118.11 low with the Fibo-adjusted 'Cloud' at 118.85/25 being a hurdle to pass. Current intraday stretches are located at 119.20 & 120.40.

USD/CAD: Targeting he triangle lows. The strong rejection from the marginally new trend high (fulfilling an absolute minimum target for the triangle, however far from the outlines 1.3075 target) still seems to have some way left to go before ended. The primary target for the current correction is the low area of the former triangle and in particular a 1.2370 equality point (between wave c and a). So look for prices to initially continue lower but also renewed buying once the target has been reached.

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