September 01, 2023 10:08 GMT
Price Signal Summary - EURUSD Channel Support Remains Exposed
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- In FX, EURUSD traded higher Wednesday resulting in a print above 1.0926, the 50-day EMA. However, the pair has failed to hold on to this week's highs and reversed lower yesterday. A continuation would refocus attention on the key support at 1.0780, the base of a bull channel drawn from the Mar 15 low and a pivot point. A clear channel breakout would strengthen bearish conditions and open 1.0733, Jun 12 low. Clearance of the 50-day EMA would be bullish.
- GBPUSD traded higher Wednesday and this resulted in a print above 1.2703, the 20-day EMA. The break higher exposes key resistance at 1.2819, the Aug 10 high. The trend outlook is bearish and short-term gains are considered corrective. The recent break of support at 1.2621, the Aug 14 low and 1.2591, the Jun 29 low, confirms a resumption of the downtrend. The bear trigger is at 1.2548, the Aug 25 low.
- USDJPY has pulled back from its recent highs - the move lower is considered corrective. The uptrend remains intact and this week’s fresh cycle high has reinforced bullish conditions. The focus is on 147.49, a Fibonacci projection. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies remain in a bull mode condition, reflecting current positive market sentiment. The first key support to watch lies at 145.06, the 20-day EMA.