• Euro remains locked in consolidation
• Dollar/Yen stalls ahead of key 91.75
• Cable sell issued at 1.6450
• Dollar/Swiss setbacks seen limited
EUR/USD
EUR/USD – The market doesn’t appear ready to roll over just yet with a recovery late Monday keeping the price confined to a multi-day consolidation below the 2009 low dating back to August 21. While our longer-term bias continued to favor eventual USD appreciation, our short-term view is neutral, with a break above 1.4445 or back below 1.4205 required for clearer directional bias. Medium-term traders can focus on the 50-Day SMA which comes in at 1.4160 for directional bias. While above the 50-Day on a close basis, the trend remains constructive. STRATEGY: STAND ASIDE; AWAIT CLEARER SIGNAL
USD/JPY
