The following are the intraday outlooks for EUR/USD, EUR/GBP, USD/JPY, and S&P500 as provided by the technical strategy team at SEB Group.
EUR/USD: Over 1.3717 would be bullish: The ongoing decline from the recent high (1.3740) looks correctional. Intraday conditions would once again be bullish if/when the "B-wave high" at 1.3717 is taken out. Though without extraordinary drivers hitting the orderflow, current stretches (as defined by the distance to the 24hr average) at 1.3590 & 1.3760 ought to be respected..
EUR/GBP: Under 0.8211 would target a fresh low. The recent push higher could turn into another failed attempt to break a sequence of short-term lower highs and lower lows, in play since mid-Dec should 0.8211 be lost again. If so – looks for a print somewhere below 0.8168. From the monthly observations the next interesting attraction/support would then be the Jan’13 bullish benchmark candle low at 0.8086.
USD/JPY: Rechecking 102.94\ 103.60. Price action yesterday indicates renewed near-term balance and a retest of resistance at 102.94\103.60 looks possible. Well if breaking back under 102.19, this would look a tad less likely as it would turn attention back to the recent 101.77 low again (and medium-term refs at 101.62/54). Over 104.93 is needed for bulls to become happy again.
S&P 500: Consolidating/correcting the decline. As often after a benchmark candle such as last Friday’s the market the following day makes a marginally new low before starting to consolidate/correct the stretches created. If following the normal path the market will during two to three days slowly recover back towards the mid body point, 1803, of the falling benchmark candle before starting to explore the downside again.
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