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Price Signal Summary - EURUSD Remains Vulnerable

MARKET INSIGHT
  • In the equity space, bullish conditions remain intact in S&P E-minis and price continues to deliver fresh all-time highs. Attention is on 4400.00 next. EUROSTOXX 50 futures remain above last week's low of 3951.50. The contract is approaching initial resistance at 4101.50, Jul 1 high where a break would neutralise recent bearish price signals and signal scope for a stronger recovery.
  • In FX, the USD outlook remains bullish. EURUSD resumed its downtrend yesterday, breaching the recent low of 1.1782, Jul 7 low. The focus is on 1.1704, Mar 31 low. The GBPUSD outlook remains bearish despite this morning's gains. The focus is on the support and bear trigger at 1.3733, Jul 2 low. Resistance is at 1.3941, the 50-day EMA. USDJPY remains above 109.53, Jul 8 low. The recent bear leg is considered corrective and a bullish theme remains intact. Initial resistance to watch is 110.82, Jul 7 high, a break would be bullish.
  • On the commodity front, Gold continues to challenge the 50-day EMA, today at $1813.4. A clear break of the average is required to confirm the next leg higher and open $1833.7, 50.0% of the Jun 1 - 29 decline. Brent (U1) futures have recovered from last week's lows. Key resistance is defined at $77.84, Jul 6 high with key support initially at $72.11, Jul 8 low. WTI (Q1) key resistance is at $76.98, Jul 6 high and the bull trigger. Initial firm support lies at 70.76, Jul 8 low.
  • Within FI, Bund futures are lower and remain below last week's highs. Price has recently cleared key resistance at 173.16, Jun 11 high and this highlights a bullish theme. The focus is on 174.97, Mar 3 high (cont). Support is at 173.16, Jun 11 high and a recent breakout level. Gilt futures are weaker this morning and are extending the pullback from last week's high of 129.92 on Jul 8. Broader conditions are bullish and the pullback is considered corrective. Next support is at 128.39, Jun 11 high and a recent breakout level.
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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