Home Forex Analysis And Forecasts Intraday Outlooks For EUR/USD, USD/JPY, USD/CAD, EUR/GBP - SEB

Intraday Outlooks For EUR/USD, USD/JPY, USD/CAD, EUR/GBP – SEB

The following are the intraday outlooks for EUR/USD, USD/JPY, USD/CAD, and EUR/GBP as provided by the technical strategy team at SEB Group.

EUR/USD: Headline driven and highly uncertain. One day older and none the wiser. The market fell back to mid-body levels and stayed there. Outside 1.1110-1.1245 is needed to end a micro-term stalemate, but we guess this could come with the next headline about Greece.

EURUSD

USD/JPY: Testing the "Kumo" support. A key ref at 122.04 was yesterday violated, but bears could ask more of dubious price action around the 122-handle. Dynamic support in the bullish "Cloud" ("Kumo") could inspire some buyers to step back in, but resistance at 123.23 & near the 124-mark should temper any attempt to rally the market back towards key resistance at 124.38\47. Extension below 121.85 would target 121.16/07 next.

USDJPY

USD/CAD: Another step closer to 1.2563. The market used the high end of the short-term {Fibo­ adjusted) "Cloud" as support and a spring for extension higher. The 1.2563 "Double-top" is one step closer now and none of our short-term indicators indicate a stretch in the displayed timeframe perspective. Prior 1.2423 resistance is thought to act supportive now. Current intraday stretches are located at 1.2375 & 1.2560. A protective sell-stop on short-term longs could be lifted to breakeven (@1.2360).

USDCAD

EUR/GBP: Mid body test. An hourly three wave mid body test (of Monday's rising benchmark candle) has laid the foundation for some further strength near term. A move above 0.7126 will trigger a new round of buying and a likely target at 0.7250. Stochastic also turned higher and with a small bullish divergence.

EURGBP

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