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Intraday Outlooks For EUR/USD, USD/JPY, SP500, Oil – SEB

The following are the intraday outlooks for EUR/USD, USD/JPY, Oil, and SP500 as provided by the technical strategy team at SEB Group.

EUR/USD: Focus on 1.0869 next. With 1.0925 broken focus now turns to 1.0869 – under which a fresh low (1.0808) must be expected. The 55day exponentially weighted moving average band (1.1000\1.1125) keeps providing overhead dynamic (descending) resistance. Current intraday stretches are located at 1.0860 & 1.1025.

EURUSD

USD/JPY: Poor performance over 124.48. The attempt above 124.48 quickly turned into a lemon. The long upper "Shadow" in the wake of a strong sellers' response points near-term lower again. More so if losing support at the {Fibo-adjusted.8day) "Tenkan-Sen" at 123.80 and at the high end of the "Cloud" at 123.53. If breaking 123.01 later a short-term bearish "Double-top" hosting an ideal 121.45/35 objective. A fast move back over 124.29 would likely prevent a deeper fall, since it would indicate that yesterday's drop was just a rapid intraday correction.

USDJPY

S&P500. Focus back on 2,114\2,126. If the 2.126-2,057 drop was just another (admittedly rough) correction lower, fresh highs should be expected on a break above 2,114 – then with the recent high at 2,126 and observed hurdle onwards the next target at 2,143\47. Current intraday stretches are located at 2,084 & 2,115.

S&P500

Brent Crude: Bearish "Flag" likely. The move up from a recent 52.28 low has been lukewarm – at best This makes advance look near-term correctional only and a drop below 52.51would confirm that a bearish "Flag" is broken and that fresh lows should be anticipated – then with trendline support, now at 51.65 and a short-term "Equality point" at 51.13 being the sought first-hand objectives.

Brent Crude

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