The following are the intraday outlooks for EUR/USD, USD/JPY, EUR/GBP, and S&P500, as provided by the technical strategy team at SEB Group.
EUR/USD: Consolidation before lower. After several attempts yesterday to break below the 1.0847 minor support the market bounced back (short covering ahead of tomorrow’s NFP?) higher. This minor consolidation will probably end (if not already ended) in the mid 1.09’s. A new attempt to reach, test and break the 1.0819/08 support should thereafter follow.
USD/JPY: Broke above the 124.58 resistance. Yesterday’s surge brought the pair up above the 124.47/58 resistance an event that more or less confirms that also the June peak will soon be passed. The minor setback since yesterday’s peak is expected to end no later than around 124.60.
EUR/GBP: Close to firm support. The closer we get to the recent low point and the 2012/15 trend line the more reluctant the market is expected to be selling the pair. We are still advocating a marginally new low but also a likely rebound immediately thereafter.
S&P 500: Refusing to go nowhere. Another failure above the 55d ma band was registered yesterday and the market hence still remains stuck within the 55d ma band. However as long as the July low point stands unbroken there’s a small but nevertheless bullish tilt.
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