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EUR: rangebound against the USD but still bearish on the crosses

By   || March 17, 2010 at 23:02 GMT
|| 9 comments || Add comment

I continue to maintain that EUR/USD is in a consolidation phase between 1.3550/1.3850 which I expect to eventually break higher (but that could be in 3 or 5 weeks time). EUR/JPY, as we’ve discussed in the comment section, is trying to form a top at 125.25 and that level is looking technically quite strong. EUR/GBP has turned sharply south over the last few sessions as longs get nervous and start bailing. Once that pair starts moving in one direction with a bit of momentum, who knows where it will stop.

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Category: All, Asia
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9 Responses to “EUR: rangebound against the USD but still bearish on the crosses”

  1. simao4 on March 17th, 2010 23:25 GMT

    Hi Sean, good start today of you, i am still with bearish view on EU and GU. what you can say about that ?

  2. lilac on March 17th, 2010 23:33 GMT

    I have just placed a stop on eur/jpy – must be a night for a blue moon ;)
    Evenin’ Sean.

  3. George on March 17th, 2010 23:49 GMT

    Hi Sean,

    Great call on AUD/USD and cable. On Eur/jpy – we noticed a double top around 125.25 but if we look at the chart on 4 hrs isn’t there a rising bottom/low. This scenario looks like EUR/USD before it took 1.37 out. I am not really bullish on the pair but its not bearish either. Its defintely in a range. I think it will reattempt 125.25 before going down further as dow being positive, positive opening for Nikkei and that should mean low JPY isn’t it? What do you think?

  4. Sean Lee on March 18th, 2010 00:00 GMT

    You short Lilac?? Best of luck with it.

  5. Sean Lee on March 18th, 2010 00:04 GMT

    Sorry Simao, I disagree with you but thats what makes a market. EU in middle of range as I said earlier. Cable has more topside potential but there will always be big pullbacks

  6. Sean Lee on March 18th, 2010 00:09 GMT

    Thanks George. EUR/JPY certanly looks technically like a top is forming but I’ve got no feel so I’m laeving it alone. If USDJPY rallies towards 91 I might sell it as a day trade with a tight stop above the corp offers at 9120

  7. lilac on March 18th, 2010 00:12 GMT

    Nooo Sean – bit of a flyer really ;)

  8. lilac on March 18th, 2010 00:23 GMT

    Aside from today’s (Wednesday’s) lows being the 61.8 retracement fibbie of this week’s 123.20 to 125 move, 123.90/124.25s been a decisive jumping off point either way for the last month or so.

  9. Rance on March 18th, 2010 01:40 GMT

    Hi Sean, been away from the action all day but did manage to pick up a few pips Shorting the EUR this morning (EDST). I see that you hit your target on the GBP. Congrats!

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