EUR: Attempt small longs at 1.4635; stop below 1.4575

Nicole Elliott from Mizuho Corporate Bank at 12/15/09

Comment: Trying to stabilise against the lower edge of the Ichimoku and retracement support. Slow work again today in increasingly thin markets.

Strategy: Attempt small longs at 1.4635; stop below 1.4575. Short term target 1.4800, then 1.5000.

Comment: Hovering nervously just under the lower edge of a very messy band that has held for most of this year. Daily moving averages may limit the upside again today.

Strategy: Attempt shorts at 130.15/130.50; stop above 131.65. Add to shorts on a sustained break below 129.00 to cover ahead of 127.00.

Comment: Trying, with three consecutive ‘dojis’ and now a white candle, at the bottom of a thin Ichimoku ‘cloud’ and above the 61% retracement support. We continue to watch for signs of forming an interim base today with good volume in the futures market over the last week suggesting many are confused by Cable.

Strategy: Attempt small longs at 1.6285; stop below 1.6100. First target 1.6355 then 1.6600.

Comment: ‘Triangle’ consolidation under a thin Ichimoku ‘cloud’ after an A, B, C-type correction which ought to end imminently. The move is expected to be mirrored in the Yen crosses and led by JPY. Good futures volume suggests many are bailing out ahead of year-end.

Strategy: Attempt small shorts at 88.90; stop above 90.00. Short term target 88.50, then 87.70.