The following are the intraday outlooks for EUR/USD, USD/JPY, EUR/GBP, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: And the slope just gets slipper. The thought of a rebound following a sub-1.0760 test was proven wrong as the fallout just continues. Next support area at 1.0663/1.0595 (short-term Fibo, 1.1098-1.1534 range breakout target, a short-term descending pivot line & a long-term lower parallel) is under the gun. Mid-body resistance likely around 1.0776. The volatility increase has widened the intraday swings around the 21hr exponential moving average +/- 0.75%, so stretches are now located at 1.0635 & 1.0800.
USD/JPY: Bearish Doji observed. Price action left more for bulls to wish for. There was (still is) known good resistance in the 122/124-zone, but its strength was a bit surprising. The potentially bearish candle added in the wake of yesterday's upside rejection, contests short-term bullish trend-following tools. A move below supports at 120.85/48 would show sellers' near-term initiative and threat lower dynamic supports at 120.10 & 119.37. Current intraday stretches are located at 120.50 & 122.05.
EUR/GBP: Next ref on south at 0.7022. The euro is losing broadly and deeply and the pound is one clear-cut beneficiary in the rout out of the common currency. A long-term ref at 0.7108 was yesterday bearishly lost and despite a severe short-term downside stretch, this moves sight to the next minor ref at an Apr04 reaction high of 0.7122. Mid-body resistance likely at 0.7137. Current intraday stretches are located at 0.7060 & 0.7150.
USD/CAD: Time for a small downside reaction. Having met the 1.2698 key resistance (and for a short while overrunning it by 7 pips) there should now be at least a short term setback possible towards the low 1.26's maximum 1.2570. Thereafter the next lift up above 1.2800 is expected to take place.
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