EUR crosses/EUR/USD/Trade Ideas

EUR/USD session outlook; look to the crosses for guidance

  • EUR/JPY is in a bull phase but is heavily overbought and liable to sharp retracements:
  • EUR/AUD has turned bullish in last few days after clean break above 1.2420:
  • EUR/GBP is moderately bullish but stalling ahead of resistance at .8110, so also liable to pullbacks:
  • EUR/USD has possible double-top in place at 1.3005/10 but range-trading mode still dominates:
With the main 3 crosses in moderate to strong bull phases but with some overbought indicators present, I’d suggest a buy-deep-dip strategy here. Bears can try selling near 1.3000 with a tight stop above 1.3030 and bulls should be patient. 
  1. I think for EUR/JPY, either sell at around 106.80 to 107 with a tight SL above 107. If that level breaches, then stop, reverse and go long. For long, a good entry would be between 105.50/70.

    NZD/USD is looking like a pretty good buy today. Large sized bids are waiting around 0.82 to 0.8210

  2. Thanks Sean. It’s going to be a really hot day today. Hopefully the market moves or else there will be nothing to do in the office. 🙂

  3. Agree with your analysis. EU, EJ, UJ are quite overbought, and this being Friday we should see some position squaring / risk off retracements. I reversed my EJ and EU longs last night. Also short AUD, fingers crossed for the Aus Credit data out soon!

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