EUR crosses

EUR crosses recover all of previous day’s losses

EUR/JPY is re-testing recent highs at 127.00 and EUR/CHF has confirmed technical support at 1.2260 (charts updated in members). I still think the events of two nights ago show that the EUR bull move is running out of steam and that we will get some prolonged periods of consolidation. Nevertheless, all EUR dips are currently buying opportunities as long as the bulls are in overall control.

EUR/JPY will likely attract the bears and contrarians today as we near recent highs but on the flip side of that, there will undoubtedly be stops waiting above 127.10. EUR/AUD will be the other pair to watch out for later during Asian trade.

Australian retail sales is the only notable release on the economic calendar.

  1. Hi Sean, i’m kind of puzzled with USD/CHF at the moment. Although it has reached the level (0.9065/75) i am looking to start building small positions, it looks like it’s negative correlation with EUR/USD has been reinstated. So, should i be looking at EUR/CHF as a leading indicator or wait for EUR/USD to start forming a top, apparently for another 200-300 pips higher ?

  2. Agree Panos, USD/CHF certainly looking tricky. If EUR/USD retests 137 and EUR/CHF retests 12260 then the Swissy will be at 8950? Certainly possible one would have to think? I’m still small long but well out of the money, I’ve held back buying more exactly because of these uncertainties. The longer it hangs around 9100, the more likely we are to see lower levels in s/t imho

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