The following are the intraday outlooks for EUR/USD, EUR/JPY, GBP/USD, and Crude Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Finally fell down to a fresh trend low. The absolute minimum target for the move (initiated by the exit of the Jan/Feb bear triangle) has been achieved given the break below 1.1098. The theoretical target is however located at 1.0840 and just beneath is an equality point (between a 2008-2010 A-B-C decline and the one starting 2011). Intraday minor reactions should be limited to 1.1085 alternatively 1.1115.
EUR/JPY: Eyeing next the 132.00 key support. We are now after yesterday’s decline rapidly homing in on the final shelf of support, 132.00, before challenging and passing the January low at 130.16. In the short term there will probably be a small correction attempt just ahead of 132.00 (or possible just after taking out stops located 132.00 and just beneath).
GBP/USD: Soon back below the 55d ma band. Returning below a bearishly sloped 55d ma band underpinned by stochastic in a hard falling position does clearly enhance our bearish view. In fact the bounce from the January low was probably the last visit into the 2010/13 triangle as the pair now seems poised to continue its longer term bear trend. There is however a possible minor bounce (1.5270) occurring from an upcoming Fibo support at 1.5222.
Brent Crude: The contracting range must resolve…To be able to give a directional guide. For a bearish attitude, the 21day "Kijun-Sen" (59.40) has to be bearishly violated and later also 58.62 must be taken out to build up downside momentum. On the topside 63.40\66 must be watched.
This content has been provided under specific arrangement with eFXnews.