The following are the intraday outlooks for EUR/USD, EUR/GBP, EUR/CHF, and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: More important 1.1087 gets in sight. A second consecutive loser was added yesterday, upping pressure on dynamic support in the 55day exponentially weighted moving average band (1.1240/1.1120) and this gets the market another step closer to a more interesting early Sep reaction low of 1.1087. Resistance likely at 1.1214\40 and more of the same at the just violated trendline, now at 1.1280.
EUR/GBP: Support was convincingly violated. With the 0.7241 support decisively broken, the next set of supports should be targeted at 0.7180 (low end of the 55day exponentially weighted moving average band & lower parallel) and 0.7170 (a mid-Aug reaction top). Current intraday stretches are located at 0.7180 & 0.7290.
EUR/CHF: Looks near-term heavy. Another loser, added yesterday, seems to accelerate the decline. Time spent under supports at 1.0855/45 would target 1.0810/1.0730. A break back over 1.1000 is needed to end this as a correction well past its low point. Current intraday stretches are located at 1.0840 & 1.0950.
Spot Gold: Over 1.148 would be bullish. A correctional low (1,099) seems to be in place. This would be better understood on a break over 1.148 which also would put the prior 1,170 in focus – over which the descending 233day exponentially weighted moving average band (1,174\1,189) and a 1,192 “Equality point” would be targeted. The low end of the 55day exponentially weighted moving average band (1,123) is thought to protect the mid Sep low of 1,099.
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