Daily Forex commentary

Euro seen toppish at 1.5915

The euro up-tick in early European trading on Monday is seen running out of stem at 1.5915, forcing the pair to remain in their tight trading range. Only a clear break above 1.5950 will over-turn the situation and call for sharply higher euro for a retest of the all-time of 1.6038 touched last week.
In the event that the 1.5915 is not broken on the upside, see a mild retracement of the move for minimum test of 1.5825 and then 1.5785-1.5750. Only a clear and preferably closing NY break below 1.5750 will confirm a move to 1.5610.
EURJPY is hovering at record high levels and appears to have the strength to eventually mount a challenge of 170.00 big figure. GBPJPY is also supporting a weak Yen outlook, but EURCHF is sending mixed signals since failure to clear 1.6230 soon will indicate a turn lower to 1.6000 area.
Sterling is sitting on its 200-day moving average at 1.9955 and if this level is broken on the downside, we shall be more than happy to call for a major downmove from current levels.

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