Levels to watch for during European trade
- USD/JPY should be pretty toppy now on any approach to 99.00; bids reported to be solid at 98.10 with CTA-types stopping out below 98.00. I’m short from this morning at 98.70 but will be happy with an intraday 60 pip profit as I don’t see much more in it.
- EUR/GBP is once again approaching the pivotal and magnetic .8600 level; selling should increase as we near there. I’m still running a very small short position here.
- AUD/USD has oscillated around .9030 all day and I expect to see a range of .8950/.9150 for the coming sessions.
- EUR/USD should gravitate towards optionality at 1.3450.
- Cable is toppy for now at 1.5625/50 and will need some fresh news to encourage the next attempt on vital technical resistance at 1.5750.