Not seeing too many clear-cut trades at the moment
- EUR/JPY still looks soft but the risk-reward in selling at current levels is not very attractive, and the same applies to USD/JPY.
- EUR/USD should find plenty of support from 1.3350 through 1.3270 and the big Prime Brokers all mention plenty of buying interest, but with the EUR crosses all looking soft, we may well see these levels tested.
- AUD/USD also looks soft but with biggish barrier protection at 1.0250, risk-reward at current levels is poor.
- Cable does look like it may be a reasonable short somewhere soon but that ‘somewhere’ could be 100 pips higher so again, patience needed.
- EUR/CHF does offer good risk-reward above 1.2250 but the trailing stops below 1.2240 (mine included) are likely to be plentiful.
In other words, not much jumping out at us so far today. Maybe Europe will get things moving in a few hours.