EUR
Comment: Creeping slowly towards May’s highs as EU leaders resolve nothing at yesterday’s crisis summit meeting. Expect more consolidation this morning, noting that moving averages are starting to point North. A weekly close above 1.2300 would help to add some upside pressure, increasing bullish momentum.
Strategy: Attempt longs at 1.2400 but only if prepared to add to 1.2275; stop below 1.2140. First target 1.2600.
EUR/JPY
Comment: Hovering slightly precariously between the 9 and 26-day moving averages just under the late May/June highs at 114.40. Note that the lagging Span hits a cluster of tightly packed candles from Monday next week. This might keep the cross below the 114.40 area for another few weeks. Very mixed picture all round with zero momentum.
Strategy: Possibly attempt tiny longs at 112.50; stop below 110.80. First target 113.25, maybe 114.00.
GBP
Comment: Moving averages have crossed to positive but will they have enough bullish pressure to push Cable through a thin Ichimoku ‘cloud’ – before it widens significantly next week. A weekly close above 1.4850 should add a little more upside pressure.
Strategy: Attempt small longs at 1.4830, adding to 1.4700; stop below 1.4500. First target 1.4900, then 1.5050.
JPY
Comment: The lowest daily close in 11 days – but still within the recent tiny range. Hardly exciting but subtly different from what we’ve had to put up with this week. A weekly close below 90.80 might add a little downside pressure, one below 90.00 ought to tip the balance for another serious downside test.
Strategy: Attempt small shorts at 90.85, adding to 91.40; stop above 92.15. First target 90.55, a slide to 89.00 probably next week.
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