Mizuho Corporate Bank

EUR
Comment: Pushing up towards the top of the ‘triangle’ sooner than hoped. We expect a break to new record highs later this month or in May. For today allow for more cautious but random moves roughly between 1.5725 and 1.5900. Note that futures positions are almost half of last year’s record and the Euro is not overbought.
Strategy: Attempt small longs at 1.5800, adding to 1.5750; stop below 1.5600. Short term target 1.5900, then 1.6000.

EUR/JPY
Comment: Turning down slowly from retracement resistance. Support levels lie all the way down to 157.00 which should mean a slow drift South. The Euro is not oversold and at-the-money implied volatility is a lot lower than it has been recently.
Strategy: Attempt shorts at 160.00, adding to 161.00; stop above 161.75. Short term target 159.50, then 158.00.

GBP
Comment: The pound is taking a beating against a raft of other currencies and EUR/GBP at £0.8027 is front page news in a UK tabloid newspaper. Cable is still trying to stabilise around 1.9650/1.9700.
Strategy: Attempt small longs at 1.9750, adding to 1.9650; stop below 1.9600. Add to longs on a sustained break above 1.9800 for 2.0000.

JPY
Comment: Drifting slowly from retracement resistance along with generalised US dollar weakness. Futures positions need re-building and the US dollar is not oversold.
Strategy: Sell at 101.00 but be prepared to add to 102.00; stop above 103.25. Short term target 100.25, maybe 99.00.