The following are the intraday outlooks for EUR/USD, USD/JPY, and GBP/USD as provided by the technical strategy team at SEB Group.
EUR/USD: Impressive dollar comeback last week. An impressive bearish candle was added last week and it possibly marks a correctional high and points lower. The short-term outlook however faces dynamic (“Cloud”) support not far below and a 1.1280\310, possibly even 1.1370, recheck should not be counted out before selling 1,12 resumes.
USD/JPY: Is impressive the rebound fading? The long lower shadow in the weeklies was cemented by a high close Fri, but a prior medium-term ascending line of support seems to draw some attention and attract sellers. To resolve this dilemma, extension to and through 123 or a drop back under 120 is needed. The key ref below remains at 118.25.
GBP/USD: A bit tool low, too fast? The overall picture holds short-term extension lower at least towards an “Equality point” at 1.5220 as a favored scenario, but the market perhaps fell a bit too hard last week to attract fresh selling first thing this week. A rebound above earlier trendline support now resistance at 1.5455 would open up for extension closer to but most likely not through, strong resistance at 1.5535\75.
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