EUR Comment: Retreating by a bit more than we had allowed for, neither the weakest currency overnight (New Zealand dollar) or the strongest (South Korean won). Hopefully the Ichimoku ‘cloud’ will form an interim base for what we see as an A, B, C-type pullback where C equals A. Strategy: Attempt small longs at 1.5695; stop below 1.5600. Cover longs between 1.5950 and 1.6020. EUR/JPY Comment: Despite inching to a new all-time high (169.97) one-month at-the-money implied volatility has collapsed
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