EUR
Comment: Hovering at current levels, trapped between a ‘spike high’ at 1.2490 and the moving averages at 1.2290/1.2274 which might cross to bullish today. Now let’s see if the so-called ‘risk-off’ idea can avoid simplistic knee-jerk reactions which involve rushing into the greenback. Momentum is bullish and the Euro is not overbought.
Strategy: Attempt small longs at 1.2350, adding to 1.2250; stop below 1.2100. First target 1.2400/1.2450.
EUR/JPY
Comment: Holding in the middle of May’s range despite 9 and 26-day moving averages having crossed to bullish. The Lagging Span might be pushed down by May’s candles.
Strategy: Possibly attempt tiny shorts at 110.90, adding to 112.00; stop above 113.50. First target 110.00, then 109.00.
GBP
Comment: Breaking and closing above a decent flat-topped Ichimoku ‘cloud’ and a the Lagging Span breaking above both moving averages which are suggesting a long position. Momentum has just turned bullish though Cable is slightly overbought. A weekly close above 1.4900 should help sterling higher, as would a monthly one above 1.5000.
Strategy: Attempt small longs at 1.4975, adding to 1.4900; stop well below 1.4800. First target 1.5050, then 1.5200.
JPY
Comment: The lowest daily close since May, the incredibly thin horizontal Ichimoku ‘cloud’ managing to push the dollar down. We shall continue to allow for a test as low as 89.00 later this week. Bearish momentum has increased though the US dollar is slightly oversold.
Strategy: Attempt shorts at 89.80 but only if prepared to add to 91.00; stop above 91.50. First target 89.50/89.00.
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