This pair is running into major resistance here, in an area of heavy confluence. This is the end of a corrective rally, in which all Euro pairs participated, off of their recent, major lows. (Mostly due to a, yet again, market wide delusion that the EU will have to tighten ("at least!") 375 basis points... When in reality, as the latest data illustrates, the EU couldn't even climb out of its decade long deflationary spiral despite a massive, war/sanctions - and categorically, self - induced inflationary spike.) Also, the EUR/GBP showing every sign of a top here, consequently, this pair makes an even stronger case for this Short than it's cousin's, the GBP/CAD. This pair is on the verge of a cliff with no technical support under the current levels, i.e., for the next -550 pips. Which makes it the obvious Short Target. Note; This has been stated time and again that these CAD pair shorts, while the case is strong, remain inferior to their USD cousins.
The EUR/GBP picture
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Should be Short here!
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If anything, this is a Long here!
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This pattern is likely to complete ... ... on tomorrow's unemployment data! - E.g. Wait for it!!
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Looks like ... ... this is about to turn down, here. - Which is just one more reason to switch to All CAD base currency Pairs -> Short[b/] and with a CAD/JPY Long focus.
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This is the one to watch!! Looking for the completion of that major pattern, to go SHORT. This will be a long(er) term trade, looking for 1000+ pips.
Here is the full picture;
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This is a ... LONG here now!
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FLAT, for now. Loaded up something fierce for this 100 pips but it's time to bail as we're looking to turn around here, soon, for a massive Short! (Not yet, though.) We are entering that huge daily cypher's PRZ here, i.e., only Short Bias, after this point!
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This should be coming down hard! - For now. SORT
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A good place ... ... to add to those SHORTs!
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One may want to be careful here!
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This one is headed home ... ... For good! massive SHORT!
i am bearish in eurcad, same view with cadjpy, nice post
Nemo_Confidat
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@SmithFX_id, The EURCAD is as clear cut here as it would ever get - Short. The CADJPY is bearish here but not for long - unlike the EURJPY which is good to go Short, "forever". At the end of the day this all will come down to NAFTA vs. EU - with a massive NAFTA advantage - with JPY as second best.
Nemo_Confidat
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@Nemo_Confidat, ... but I would get carried away with it! (BoJ will have to ease curve controls first - but when they do, watch out!)
Nemo_Confidat
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@SmithFX_id, I'd still be careful with the JPY, here!
reserved010
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Hi there, will you be checking JPY pairs tonight as well please? Following you for a while now and was wondering if you see some signs of weakness of GBP and EUR please? Much appreciated, Matt
Nemo_Confidat
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@reserved010, Off the top of my head GBPJPY & EURJPY are still very lopsided, not worth the bother for the moment - FLAT. USDJPY continues to be a LONG - as is CADJPY, although, less exiting. CNHJPY is make or break here (Xi's "stimulus package), likely a massive break - SHORT.
reserved010
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@Nemo_Confidat Very much appreciated for your info! Best regards