Forex - Psychology/Strategy for major markets today

 10:11 (GMT) 18 Jul

  [Forex Strategy]

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Psychology/Strategy for major markets today (0100-RCHL-C01)

EUR/USD - 1.1500 taken out, though stops above were not as large as may have been expected, 1.1615 probably a bigger level for real money. We don't anticipate much of a turnaround ahead of the ECB now.

USD/JPY - Softer USD and sliding equities no friend to USD/JPY longs but the crosses are helping keep them afloat.

EUR/GBP, GBP/USD - GBP looked overbought through Monday and soft CPI duly opened the trap door. Cable over 1.30 is mainly down to the USD as EUR/GBP looks up towards the previous YTD high at .8880, .8948 beyond that.

DJIA and S&P - Waiting for key earnings data to signal the next move.

T. Bond - T. Note has more work to do to signal a fresh short-term direction.

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