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US TSYS SUMMARY

Edging Lower Ahead Of ECB, Claims Data

EGB OPTIONS

Bund put condor vs call spread

EURIBOR OPTIONS

Put spread is still being bought

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  • EURHUF has dipped lower today. The pullback is considered corrective and a bullish tone remains intact. The cross has tested a key near-term resistance at 360.02, 61.8% of the Mar - Jun downleg. A clear break would open 360.78, May 4 high and 363.53, the 76.4% retracement. Support lies at 354.73, Jul 9 low.
  • EURPLN has pulled back too. This is likely a correction with a bullish outlook intact. The cross has recently breached former resistance at 4.5642, Jun 18 high. This confirmed a resumption of the uptrend that started Jun 7 and opens 4.6000 (tested this week) and 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDZAR is holding above support and the outlook remains bullish. The pair recently breached 14.5180, the Jul 2 high confirming a resumption of bullish conditions and attention is on 15.00 and 15.0627, 76.4% of the Mar 8 - Jun 7 sell-off. Key short-term support has been defined at 14.1670, Jul 6 low.
  • USDTRY is unchanged and consolidating. Trend conditions are bullish with the focus on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support is at 8.2860, Jun 11 low. Price has tested the 50-day EMA. A clear breach of the EMA would signal scope for a deeper pullback ahead of 8.2860.
  • USDRUB short-term trend signals are bullish and the recent pullback is considered corrective. Recent gains resulted in the break of the 50-day EMA and a number of retracement levels. This highlights a bullish theme and opens 75.5628, 61.8% of the Apr 7 - Jun 11 sell-off. The Jul 6 low of 73.1595 marks support.