The following are the intraday outlooks for EUR/USD, EUR/JPY, GBP/USD, and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: Focus on nearby 1.1245/15 & 1.1365. It still looks like dollar weakness after Fed will be short-lived. Near-term attention is on the high end of the 55d exponentially weighted moving average band at 1.1245 and the most recent reaction low at 1.1214 and a Fri’s 1.1365 mid-body above. The short-term key ref to break to reaffirm dollar strength remains at 1.1087. Current intraday stretches are located at 1.1245 & 1.1415.
EUR/JPY: Below 135 would show sellers’ initiative. The market U-turned right at thinned short-term “lchimoku” resistance and added a bearish print Fri to digest. Fri’s 136.40 mid-body point acts as first-hand resistance while key support is a recent 135-low – under which sellers would start showing initiative and most likely end the Sep4-17 correction higher. Current intraday stretches are located at 134.80 & 136.85.
GBP/USD: Could a correctional high be in place? A Sep4-18 correctional sequence may have peaked – though this assessment needs a sub-1.5330 move to be fully confirmed. In the meantime it looks right to focus on how the market behaves if/when testing support pockets at 1.5503, 1.5476 & 1.5406. Current intraday stretches are located at 1.5435 & 1.5665.
S&P 500: Trades with downside focus on 1,926. Following the post-Fed topside failure, price action turned bearish into weekend. Any spillover effects from this would put a first-hand support at 1,926 in harm’s way if buyers refrain from stepping in to defend it, extension lower should be expected, exposing the key 1,892 level for an attack.
‘This content has been provided under specific arrangement with eFXnews.’