- EUR/USD: Back trading around 1.3635/40 which was the major breakdown level. The market has been building shorts ahead of the ECB and we may see fairly tight ‘nervous’ trailing stops above this level;
- Cable did a lot of work around 1.6765/75 on the way down and purely from a price-action perspective, I’d expect resistance to be fairly firm near current level;
- NZD/USD has had a weekly close below important technical support around .8500 but similar to the EUR/USD, there are likely to be trailing stops back though there (I’d suggest above .8540).
Overall I prefer the long USD play still, but it may make sense to exit and re-enter, if some of the above the pairs start breaking higher.