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: Stronger reaction than anticipated. The reaction up from suspected support became stronger than thought and the high end of the “Cloud” (@ market) is at risk. If players shows bid also above this level, 1.1189 would also end up in harm’s way. Mid-body support is likely established at 1.1073. Current intraday stretches are located at 1.1015 & 1.1185.
USD/JPY: Should encounter +124 offers. Yesterday’s drop has bearing further south and bids around a short-term 61.8% Fibo extension should only have temporary effect as offers are likely just above the 124-level. Time spent under yesterday’s low would lower the bar to supports at 123.14/122.99. To alter this view, resistance at 124.48\68 must be reclaimed. Current intraday stretches are located at 123.35 & 124.60.
EUR/CAD: Back at long-term resistance. Short-term trend-identifiers are all firmly in bullish gears and price action does not oppose those with the latest rally taking the cross back to a recent 1.46 high which represents a long-term 61.8% Fibo retracement ref and almost equals a Dec’14 high of 1.4645. With mid-body support at 1.4490, resistance looks ripe for the taking in favor of advance towards the high end in the short-term ‘Tenkan-Sen’ now at 1.4800.
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