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Price Signal Summary - EURUSD Bull Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD a bullish tone despite the recent pullback. Price has breached resistance at 1.0930, the Mar 23 high. This level marked a key short-term hurdle for bulls and the clear break reinstates the recent bull theme and signals scope for 1.1033, the Feb 2 high. On the downside, initial support to watch lies at 1.0825, the 20-day EMA.
  • GBPUSD maintains a bullish tone and the recent move lower is considered corrective. The pair has breached 1.2448, Jan 23 high and the top of a broad range that started Dec 14 2022. This marks an important medium-term development signalling the next stage of the uptrend that started Sep 26 last year. The focus is on 1.2599, the Jun 7 2022 high. The bull trigger is 1.2525, Apr 4 high. Support is at 1.2314, 20-day EMA.
  • The trend direction in USDJPY remains down and recent short-term gains are considered corrective, despite Monday’s strong rally. However, attention is on resistance at 133.87, yesterday’s high. A break of this level would strengthen a short-term bullish theme and highlight a clear breach of the 50-day EMA. This would open 134.75, 61.8% of the Mar 8 - 24 bear leg. On the downside, a reversal lower would signal scope for a return to 130.64, the Apr 5 low.
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