Intraday Outlooks For EUR/USD, EUR/GBP, USD/JPY
eFXnews | Jul 25, 2014 04:53AM ET
The following are the intraday outlooks for EUR/USD, EUR/GBP, and USD/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: Still ripe for a correction higher. A Jul1-24 bearish wave sequence may be completed (seen best with hourly observations). This together with yesterday's candle argues for a correction higher with a first-hand target at 1.3491/513. Over 1.3550 would create a deeper and a more lasting correction, but more is needed to put detention on the lower to next bigger objective closer to the 1.33-mark on the back burner. Current intraday stretches are located at 1.3420 & 1.3515.
EUR/GBP: Correction higher lifted to 0.7944/51. Local resistance was at large respected yesterday, but the session close came in high enough to lift the correctional objective some to 0.7913/10, but also under 0.7889 is needed to argue for a sub-07874 break. A German IFO release at 1000cest and a Q2 UK GDP release 30min later are the main distractions today. Current intraday stretches are located at 0.7895 & 0.7950.
USD/JPY: Resistance at 102.05 is challenged. The spot is soon above where spot traded a month ago and the bullish looking session close yesterday puts pressure on resistance at 10.80/00 -over which extension towards 102.27/38 should be penned in. Back under 101.31 is needed to short-term become yen positive again. Current intraday stretches are located at 101.40 & 102.05.
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