The following are the intraday outlooks for EUR/USD, USD/JPY, EUR/GBP and Crude Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Still on a slippery slope. With yesterday’s short up tic holding well below both the 1.2221 and more importantly 1.2256 resistances the downside pressure was kept in place and a new low has accordingly been put in place. The floor line does however continue to offer support and if following the short term wave pattern another minor bounce should be penciled in for today.
USD/JPY: A minor double top? The pair continues to be capped by the 78.6% Fibo resistance and after today’s rejection we are possible developing a minor double top. Such an event would suit our triangle scenario very well calling for a drop to ideally 116.68. A minor double top is confirmed on current breaking below 120.01.
EUR/GBP: Renewed weakness. After having rechecked and validated the bear triangle exit it now seems as a new round of weakness is underway. A break below 0.7813, the Dec low point should be a strong indication that the market now taking aim at a fresh low below the Sept bottom, 0.7766.
BRENT CRUDE: Exited the bear triangle. With the break down from the bear triangle the last part of this declining phase is taking place. In fact the minimum target for the move, a new low, has already been achieved so one should stand ready for a bullish reaction/turnaround. A continued slide will target the theoretical target for the bear triangle, $54.10.
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