• Euro short gains momentum; profits booked and stops trailed
• Dollar/Yen well capped by 97.00; 93.55-85 back in focus
• Cable price action taking form of triangle; stand aside for now
• Dollar/Swiss attempting to carve material base

EUR/USD

EUR/USD – More choppy trade in the final full session of the week with the market continuing to consolidate below the 1.4340 2009 highs set in early June. The bearish price action on Thursday would suggest that the market could be prepping for a more significant decline back towards 1.3750-1.3830, but a close below 1.4000 will be required to reaffirm our bearish outlook. A lower top is now sought out below 1.4340 at 1.4200 and only back above 1.4200 will negate. We have booked some profit on our short and have stops at cost on the remaining position. Position: SHORT @1.4180 FOR AN OPEN OBJECTIVE; REVISED STOP @1.4180. We booked profit on 1/5 of the position earlier at 1.4100.

Level Resistance Details 1.4270 R3 6/5 high 1.4200 R2 7/1 high 1.4155  R1  6/30 high Level Support Details 1.3980 S1 6/29 low 1.3890 S2 6/24 low 1.3830 S3 6/23 low

USD/JPY

USD/JPY – For now, it looks like the market is content on trading within a broad range, loosely defined between 94.00-100.00. The latest minor recovery from 94.90 has been well capped by 97.00 and Thursday’s bearish reversal day suggest that the market could be poised for a fresh drop below 94.90 to challenge the critical trend lows by 93.55-85 from March and May respectively. Back above 97.00 delays. Strategy: STAND ASIDE; AWAIT CLEARER SIGNAL

Level Resistance Details 97.20 R3 6/19 high 97.00 R2 7/1 high 96.90  R1  7/2 high Level Support Details 95.60 Opinions - No Opinions found for this article   Keep your contributions civil, tasteful and relevant. Mena reserves the right to be selective in publishing readers' comments Name: * Location: Email: Subject: * Comment:   Clear Send Thank you for participating. Your comment has been saved and will be visible after our moderator's approval