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EURUSD Recovers Inside Its Bear Channel

OUTLOOK
  • In FX, EURUSD short-term gains are considered corrective. The move higher yesterday and a higher print today, does suggest scope for an extension of the correction. Note too that the bounce from Wednesday’s low of 0.9536 means the bear channel base, at 0.9486 today, has provided support. The 20-day EMA, at 0.9871 represents the next resistance, a break would be a positive development. The channel top intersects at 1.0025. A resumption of weakness would open 0.9536/9486.
  • GBPUSD traded higher yesterday and cleared 1.0931, the Sep 26 high. The recovery reinforces the importance of Monday’s hammer reversal candle and suggests scope for stronger corrective bounce. The next resistance is 1.1271, the 20-day EMA. A break would strengthen the current short-term bull cycle. This week’s 1.0350 low is key support.
  • USDJPY key support is 140.36, the Sep 22 low, where a break is required to highlight a top. The uptrend remains intact and attention is on the bull trigger at 145.90, Sep 22 high. A break would confirm a resumption of the trend and open 146.03, 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial support is 142.76, the 20-day EMA.
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