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OUTLOOK: Price Signal Summary - EURUSD Key Resistance Remains Exposed

OUTLOOK
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  • In FX, the short-term outlook in EURUSD remains bullish and the pair has traded higher today. Sights are on 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend and pave the way for a move towards 1.1234, 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing and 1.1276, the Jul 18 ‘23 high. Support to watch is the 20-day EMA, at 1.1099, it has been pierced but remains intact.
  • Bullish conditions in GBPUSD remain intact. Last week’s move higher resulted in a climb above key resistance at 1.3266, the Aug 27 high. This breach confirmed a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next. Initial firm support is 1.3189, the 20-day EMA.
  • Recent short-term gains in USDJPY appear corrective. Trend signals remain bearish and the pair traded to a fresh cycle low on Sep 16. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, a 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. The 20-day EMA has been breached, the next key resistance is 146.72, the 50-day EMA.
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  • In FX, the short-term outlook in EURUSD remains bullish and the pair has traded higher today. Sights are on 1.1202, the Aug 26 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend and pave the way for a move towards 1.1234, 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing and 1.1276, the Jul 18 ‘23 high. Support to watch is the 20-day EMA, at 1.1099, it has been pierced but remains intact.
  • Bullish conditions in GBPUSD remain intact. Last week’s move higher resulted in a climb above key resistance at 1.3266, the Aug 27 high. This breach confirmed a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next. Initial firm support is 1.3189, the 20-day EMA.
  • Recent short-term gains in USDJPY appear corrective. Trend signals remain bearish and the pair traded to a fresh cycle low on Sep 16. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, a 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. The 20-day EMA has been breached, the next key resistance is 146.72, the 50-day EMA.