Euro Correction Continues
The EURUSD has found its first level of support 1.5600 with deeper support residing in the 1.5550 -1.5600 zone.
The EURUSD has found its first level of support 1.5600 with deeper support residing in the 1.5550 -1.5600 zone. We continue to view the move as corrective in an overall uptrend but a break below 1.5500 would create tremendous technical damage and put our upside scenario at risk
Visit our recently updated Euro Currency Room for specific resources geared towards this currency.
STRATEGY: Bullish, against 1.5303 (but lighten up), target is above 1.6018
The USDJPY continues to push higher but the 108.00-108.50 level remains formidable resistance and only a definitive break through that barrier would suggest a clear upside bias. At this point the price action remains indecipherable but continue to view the up move with skepticism and believe that failure at these levels is more likely.
Visit our recently updated Yen Currency Room for specific resources geared towards this currency.
Sterling has carved out a massive distribution top and is in danger of taking our stop at 1.9583 support. The price action looks decidedly bearish in the near term and the pair must find some support at these levels in order to stabilize and maintain our bullish bias.
STRATEGY: Bullish, against 1.9583, target 1 at 2.0175, target 2 TBD
Our call to , “look for resistance near 1.0266” proved fleeting as the pair was able to break through on the way to the 1.0300 figure Next level of resistance is the 1.0400-1.4500 zone. We remain sidelined for the time being watching the price action unfold.
We came tantalizing close to hitting our 1.0324 target but the pair appears to have found resistance at the 1.0250 level and will need to break through to re-challenge its recent highs. On the flip side a failure here would open the way for retest of the range lows at 1.0050
Visit our recently updated Canadian Dollar Currency Room for specific resources geared towards this currency
STRATEGY: Bullish, against .1.0047, target above 1.0324
As we write this the kiwi remains half a pip away from our 7530 stop and in fact violate the upside bias by the time you read this, Should it survive the downward pressure our analysis remains as written in Friday, “Bigger picture, the NZDUSD is expected to advance to the 50% of .7921-.7445 at .7683 and perhaps even the 61.8%-78.6% at .7740-.7920. A rally to there would fill the 6/4 gap. The up-down sequence from .7445 is probably waves A and B. Wave C is considered underway as long as price is above .7530. “
STRATEGY: Bullish, against .7530, target TBD
Tell us what you think about this report: contact the strategist about the article at email@example.com
 STRATEGY is a summary of our best technical ideas. The ideas are subjective and are subject to change everyday although trades are typically held for at least a few days and sometimes a few weeks or more. Ideas are also included for crosses throughout the week; these are published at separate articles at DailyFX.