EURUSD has been consolidating in line with the S&P 500 in the last week. The Tradercockpit indicators are more positive on EURUSD than on the S&P. I continue to be long EUR and add carefully under the pivot line. Ideally one trades 1.2875- 1.2950, practically 1.29 -1.2950. Our indicators short and medium term remain positive, so a test of the highs, around 1.31- 1.3150 is the current objective. The indicators on USDJPY continue to have a negative bias , so I will wait for a confirmation before entering any position. Why anybody in his right mind would favor JPY over USD remains a mystery. Perhaps it is that, despite the fact that Japan is the world 4th largest economy ( if one take the EU as one bloc) , the JPY is a very small part of the the forex world, and, that Central Bank diversification policies have a predominant influence. The fact is, that there are to many variables in play, reason for which we rely on the I-Matrix software which calculates the daily influence and interface of major market prices, without any preconceived point of view or weighting.
PP 1.290560 R1 1.2935, R2 1.2965, R3 1.3025
S1 1.2875, S2 1.2846, S3 1.2786
