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EURUSD Support Remains Intact - For Now

OUTLOOK
  • In FX, EURUSD support at last week’s low of 1.0835 (Jun 30) remains intact. The recent pullback is considered corrective. A resumption of gains would signal scope for resistance at 1.0977, the Jun 27 high. Clearance of this level would expose 1.1012, the Jun 22 high. The latter is the bull trigger. On the downside, clearance of 1.0835 would instead be seen as a bearish development and confirm a break of the 50-day EMA, at 1.0858.
  • GBPUSD is consolidating and remains above 1.2591, the Jun 29 low and a key near-term support. Last Friday’s price action could be an early reversal signal that suggests the recent corrective pullback is over. Resistance to watch is 1.2760, Jun 27 high. A break would expose key resistance at 1.2849, the 0.618 projection of the Mar 8 - May 10 - May 25 price swing. For bears, a break of 1.2591 would instead resume the recent downtrend and expose the 50-day EMA at 1.2563.
  • USDJPY remains in consolidation mode. The trend direction is up and the pair is holding on to its recent gains. The focus is on 145.66, a Fibonacci projection and 146.77 further out, resistance at the 2.0% 10-dma envelope. The trend condition remains the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 142.09, the former bull channel top. A break would signal scope for a deeper correction.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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