Intraday Outlooks For EUR/USD, USD/JPY, GBP/USD – SEB

The following are the intraday outlooks for EUR/USD, USD/JPY, and GBP/USD as provided by the technical strategy team at SEB Group.

EUR/USD: Awaiting a 'B-wave' Break (<1.1262). One day older and more wiser…A sub-1.1262 break is needed to fully confirm a correctional peak in place (@1.1534) – and if so another sub-1.11 test would become highly likely. For today we also care to watch 1.1360.

USD/JPY: Some pressure on mid-body support. The high end of the 55day moving average band was resistance to keep a short-term 'Equality point' at 119.66 out of reach. Not to fully confirm a correctional high in place. 116.64 must be lost again, and to get there the 118.34 mid-body must be convincingly broken and local support at the Feb4 high at 118.00 must also be taken out. A short-term bearish stance should be reconsidered on a bullish move through 119.66.

GBP/USD: Heavy dynamic resistance respected. The short-term 'Head & Shoulders' bottom formation ran into heavy dynamic resistance (lower end of the 'Cloud' & the 55day moving average band) before meeting its ideal topside 1.5475 objective. Live to tell which side is strongest, but for now it looks best to watch both 1.5150 & 1.5355 for directional clues. 

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