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*Good morning/afternoon everyone!*
The euro is trading sharply higher this morning against all of the major currencies on the back of a stronger than expected German GDP growth. ECB President Draghi didnt say anything damaging to the currency, allowing EUR/USD to take out 1.17 easily. While we are super bullish euros the move has taken EUR/USD to the 100-day SMA and the pair is struggling to extend its gains beyond that level. By the same token, sterling is underperforming because of soft CPI numbers but EUR/GBP is also at the 100-day SMA, which is a natural place of resistance. The U.S. dollar is taking a backseat today but 10 year yields are back below 2.4% and that is weighing on the currency. This morning’s US PPI report isn’t expected to have a significant impact on the currency. The Canadian and Australian dollars appear poised for a recovery while the New Zealand dollar extended its losses for a 4th consecutive trading day.
*The MAIN THEMES I see today are*
+EUR, +CHF, +AUD, +CAD
-USD, -GBP, -JPY, -NZD
1. Sell USDJPY at market now 113.67, Stop 113.95, Target 113.39
2. Sell GBPCHF at market now 1.3046, Stop at 1.3074, Target 1.3018
3. Sell CADCHF at market now .7814, Stop at .7842, Target .7786
Close ALL open day trades by 10:20AM NY / 15:20 GMT