Euro Yen – EUR/JPY rejected its 133.10–132.10 resistance area yesterday which could potentially lead price lower in the coming days. Since the short term trend is bearish at the moment, traders may consider shorting this market to jump on the bearish trend. The next support level is located at 128.00 which offer traders huge profit margin to trade the short side of the market.
Euro Loonie – EUR/CAD breakout above its 1.5950 resistance level earlier today which opened up the door for potential further rally. Traders who went long at the breakout of 1.5950 resistance level and those who went long at the breakout of 1.5370–1.5250 as we recommended in our 22nd January 2018 Market Outlook may consider continue holding onto the long position with a trailing stop behind as price is likely going to continue to rally higher in the coming weeks.
Swedish Krona – USD/SEK is showing some weakness over the last few trading days. Since the short term trend is still bullish, traders may consider buying into this market if price pullback into its 8.1400 support level. Ideally we would prefer to see some price rejections or any other form of confirmations before buying into this market to avoid false signals.