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Tuesday, 16th April 2024
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All eyes on the US, which holds the key Back  
Currencies outlook
James Jordan, Bank of America, Foreign Exchange Sales and Trading

EUR/USD 0.9300
EUR/GBP 0.6370
EUR/JPY 103.00
USD/JPY 111.00

Comment: EUR/USD: Downside momentum was waning as primary target of 0.8300 was tested. The recovery bounce from there has improved the medium term tone and follow through over 0.9000/0.9200 will bode well for a test to 0.9700 further out. Over-extended short-term technical indicators, however, need to be unwound so a drop back to 0.9000 is favoured in the interim before we can see higher again.

EUR/GBP: All time low held last quarter and we got the recovery bounce we were looking for. The outlook going forward now is positive for the cross with a test to 0.6400 favoured further out. Only back below 0.5900 from here will weaken again.

EUR/JPY: Another marginal low was made under 90.00 before the expected bounce occurred. The downtrend looks to have paused for a while now with potential further gains to 105/107 before getting heavy again.

USD/JPY: Rallied higher to finally break out of the old range through 112.00 top. This now opens up a run to 115.00 before getting heavy again. Only under 106.00 will weaken the tone now.

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