The following are the intraday outlooks for EUR/USD, USD/JPY, and EUR/GBP as provided by the technical strategy team at SEB Group.
EUR/USD: Could re-test +1.08 before down. A lesser Fibo (127.2%) stalled the intraday downside extension yesterday. The most recent black benchmark candle mid-body point at 1.0810 may become re-tested before selling resumes. Current intraday stretches are located at 1.0655 & 1.0815.
USD/JPY: Below 122.65/45 would target 121.60. The move into resistance at 123.35/70 was too much, too fast and it is taking its toll now. Loss of supports at 122.65 (trendline) & 122.45 (mid-body) would open for a correction primarily targeting the next set of supports at 121.95/60, but lower supports at 120.85/70 should be held on the backburner for now. A move back over local resistance (B-wave high) at 123.44 would prove this wrong as it would argue for +123.60 high instead.
EUR/GBP: A near-term correction ends here. If the near-term slide off a recent 0.7095 high is correctional, it has met its ideal near-term ‘Equality point’ and should lift from here and ideally extend towards a higher tier ‘Equality point’ at 0.7210. So bullish price action over the still descending short-term (Fibo-adjusted) ‘Tenkan-Sen’, now at 0.7120, would be a first hint of initiative buying coming back to the fore. Loss of support at 0.7067 would however target a fresh low under 0.7043 with 0.7027 in mind next.
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