SEB Merchant banking
EUR/USD 0.8780
Hesitation
After the strong candle Wednesday the market showed some hesitation yesterday. A move down to the 0.8740 support was needed to attract buyers. Still bulls dominate the overall picture and further gains can be expected. For today an attack at the highs looks likely. Support at 0.8700/20
USD/JPY 123.75
Hard to move higher
The falling trendline is still capping the upside. Buyers are unable to get a close above and the effect of Mondays’ bullish candle is beginning to wear off. A neutral stance is preferred for now. To establish a long position a move above 124.45 is needed.
EUR/JPY 108.70
Hesitation II
A marginally new high was printed yesterday but no new high close was seen. The uptrend is still valid but momentum is wearing off. To continue north a new high close is needed soon or else the risk for a reaction lower will increase. Support found at 108.20
USD/CAD 1.5335
Moving south
Sellers dominate and the correction of the recent uptrend continues. The 1.5270 level is the next target. Further on the 1.5170/80 support area will come into play.
GBP/USD 1.4285
Time to move higher?
The market was balanced yesterday as bulls hesitate to move into new highs. Still, no major selling pressure can be detected so a test higher is still likely. Downside support is found in the 1.4240/50 area.