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Price Signal Summary - EURO Bulls Return

MARKET INSIGHT
  • In the equity space, S&P E-minis are trading below recent highs. Attention remains on the 50-day EMA that intersects at 4572.34 today. For bulls, a clear break of the EMA is required to suggest scope for a stronger rally that would open 4671.75, the Jan 18 high. On the downside, a stronger bearish reversal would refocus attention on the 4212.75 low from Jan 24 . EUROSTOXX 50 futures are lower today. The failure at 4250.00, Feb 2 low means the 50-day EMA - at 4210.50 - has provided resistance. The reversal lower also suggests that the recent leg higher between Jan 24 - Feb 2 has been a correction and that the correction is over. If correct, this opens 3990.50, the Jan 24 low and the bear trigger.
  • In FX, EURUSD traded sharply higher Thursday and remains firm. The pair has cleared the 20- and 50-day EMAs and price is through the top of its bear channel that yesterday intersected at 1.1356. The clear break of this channel resistance highlights a more significant reversal. The focus is on 1.1483 next, Jan 14 high. The Euro is also firm across a number of crosses. GBPUSD is holding onto the bulk of its recent gains. Price has recently cleared resistance at 1.3525, Jan 26 high and this suggests scope for a climb towards 1.3662 next, Jan 20 high. On the downside, initial support lies at 1.3501, the 50-day EMA. Recent USDJPY remains above key short-term support at 113.47, Jan 24 low. The short-term outlook remains bullish and the focus is on 116.35, the Jan 4 high and key resistance. Initial firm resistance is at 115.68, Jan 28 high.
  • On the commodity front, Gold is firmer this morning and continues to trade above the recent low of $1780.4, the Jan 28 low. Attention remains on the recent break of the bull channel base drawn off the Aug 9 low. A resumption of weakness would open $1753.6, the Dec 15 low. Resistance to watch is at $1822.2, the Jan 27 high. WTI futures resumed their uptrend again yesterday and the contract continues to defy gravity. The focus is on $92.85 - 2.50 projection of the Dec 2 - 9 - 20 price swing.
  • In the FI space, Bund futures traded sharply lower yesterday and remain weak. Futures have cleared the 168.00 handle, reinforcing underlying bearish conditions and maintaining the clear bearish price sequence of lower lows and lower highs. The focus is on 165.86, the 61.8% retracement of the May ‘18 - Sep ‘19 bull cycle. Gilts traded sharply lower yesterday. The break lower reinforces bearish conditions The focus is on 120.51, Oct 16 2018 low (cont).
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Fixed Income BulletsFixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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