EUR crosses/EUR/USD

EUR/USD: Weekly outlook November 19th

Technical analysis is best avoided here for the moment whilst big cross plays are at work. EUR/JPY is the flavour of the moment and the market may try to breach technical resistance at 104.80, but EUR/CHF has turned very soft again and is drifting towards the lower end of its recent ranges (and nearing SNB support levels again). EUR/GBP and EUR/AUD have been choppy so much will depend on short-term sentiment across all the crosses.

There are still plenty of hurdles for the Spanish and Greeks to overcome so whilst this is the case, USD sentiment is likely to remain better than EUR sentiment. My strategy here is to wait for short-term bullishness on the crosses to ease and sell into EUR/USD strength.

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