EUR/USD and G10: Levels, Ranges, Targets

EUR/AUD since yesterday’s top at 1.6191 dropped 167 pips to 1.6024, EUR/GBP from 0.8797 and on the approach to 0.8823 dropped 63 pips to 0.8734. EUR/AUD and EUR/GBP contains plenty of downside. USD/JPY from 104.71 and Sunday’s open profited 100 pips at 105.74 on a strict target trade. After USD/CAD dropped from 1.3140’s to 1.2800’s and below reported 1.3092, USD/CAD all week roamed dead inside 1.2800 to 1.2900’s.

Only the easy trades, the market given trades are taken and the rough price points are reserved to the market. USD/CAD is an excellent example. More long term trades will post.

USD/CAD contains a problem at its 1.3092 top Vs break points below at 1.2777 and 1.2665. At 1.2777 is required to see CAD gain downside speed as it sits in slight overbought territory.

EUR/USD downside break is located at now 1.2226 and not much movement at 1.2226 all week. A break lower then the larger range becomes 1.2226 to the 5 year average at now 1.1959.

USD/JPY to move significantly higher to target 109’s must break 107.79. A 107.79 break will see EUR/USD lower and 1.2226 breaks lower. A break by both pairs will see terrific volatility and a far better high/ low direction to USD/JPY V EUR/USD especially after a 6 week range trade.

EUR/JPY remains the wild card in the USD/JPY V EUR/USD mix as it must break 131.74 to move significantly higher yet the 14 year average sits at 131.54.

GBP/JPY trades above its most significant break point at 149.39.

NZD/USD now trades below its vital break point at 0.7224 and NZD should begin to drift lower over days ahead.

AUD/USD price sits flat on the floor and only 0.7500’s remain then AUD/USD leaves its range to trade in the outer limits. Most important break point above is located at falling 0.7779. A break higher at 0.7779 will see 0.7900’s in quick time.

GBP/USD remains above its breaks points at 1.3865 and 1.3811 and only a break lower would result in a new downtrend. Overbought begins at 1.4215 to 1.4265.
Brian Twomey