Michael Hewson at CMC Markets - EURUSD – despite the break below channel support at 1.2700 the euro appears to be finding somewhat of a base just above the 1.2600 level. We also have support at 1.2570. This suggests we could well be heading for a short squeeze higher back towards 1.2720. We need to get back above the 1.2720 area to suggest a recovery back towards 1.2800.
Análisis Técnico
GBPUSD – despite brief dip below 1.6000 yesterday we remain in the broad wedge formation keeping alive the prospect of a test of 1.6120 and a break trend line resistance from the highs at 1.7145. The 1.6130 area needs to break to help mitigate the recent downside momentum, and suggest a move towards 1.6300.
EURGBP – while we stay below the 0.7940 area then the risk remains for a move back towards the low last week at 0.7855. Below the 0.7855 area argues for a move back towards the September lows at 0.7760.
USDJPY – the break above 107.60 yesterday now argues for a test of the 108.50 level, which is the next barrier to a test of the 110.00 highs. Support should now come in between 107.50/60 yesterday’s break out level.