EURUSD: EURUSD closing lower for 5 consecutive days, having difficulties catching a bid. The pair is trading below the 38.2% fib of the rally set from July lows to Aug highs, next area of interest is 1.3140, and a break below exposes the 50% fib level at 1.3102. Alternatively nearest resistance is at 1.3190, a break above exposes 1.3218 next, followed by 1.32533.
USDJPY: The USDJPY broke on Monday through the resistance trend line set from May and out of the triangle pattern price action has formed for the last 3 months. Bias for the remaining of the week is to the upside, targeting 99.97 next, followed by 100.48 and 100.86. Alternatively break below the resistance trend line now turned support below 98.60 will negate the outlook and requires reassessment of the latest price action.
SP500: The SP500 closing lower yesterday, retracing all of the gains made this week, bias remains to the downside, tough major events are ahead for the rest of the week, which could flipped bias instantly. The preferred strategy is being short as long as we are below yesterday’s high at 1651.6. Next area of interest is 1635.6, a break below exposes 1628.7 next, followed by 1623. Alternatively resistance is at 1650, a break above exposing 1655 next, followed by 1662.