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OUTLOOK: Price Signal Summary - EURUSD Maintains A Softer Tone

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, EURUSD is in consolidation and maintains a softer tone, trading at its recent lows. Support at 1.1002, the Sep 11 low, has been breached. This level marks the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme and signals scope for weakness towards 1.0945 next, 61.8% of the Aug 1 - Sep 25 bull leg. Initial firm resistance is at 1.1067, the 20-day EMA. First resistance is at 1.1037, the 50-day EMA.
  • GBPUSD maintains a softer short-term tone following last week’s sell-off, and the pair continues to trade at its lows. Cable has breached support at the 20-day EMA and pierced the 50-day EMA at 1.3112. A clear break of this average would strengthen a bearish threat and open 1.3049, 50.0% of the Aug 8 - Sep 25 bull leg. Clearance of this level would expose 1.3002, the Sep 11 low. Initial resistance to watch is 1.3206, the 20-day EMA.
  • USDJPY continues to trade closer to its recent highs and a bull cycle remains in play. Recent gains resulted in a break of the 50-day EMA, a bullish development that undermines a recent bearish theme and highlights a stronger reversal. Sights are on 149.39, the Aug 15 high. Clearance of this level would strengthen a bullish outlook. Initial firm support is 145.26, the 20-day EMA.
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  • In FX, EURUSD is in consolidation and maintains a softer tone, trading at its recent lows. Support at 1.1002, the Sep 11 low, has been breached. This level marks the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme and signals scope for weakness towards 1.0945 next, 61.8% of the Aug 1 - Sep 25 bull leg. Initial firm resistance is at 1.1067, the 20-day EMA. First resistance is at 1.1037, the 50-day EMA.
  • GBPUSD maintains a softer short-term tone following last week’s sell-off, and the pair continues to trade at its lows. Cable has breached support at the 20-day EMA and pierced the 50-day EMA at 1.3112. A clear break of this average would strengthen a bearish threat and open 1.3049, 50.0% of the Aug 8 - Sep 25 bull leg. Clearance of this level would expose 1.3002, the Sep 11 low. Initial resistance to watch is 1.3206, the 20-day EMA.
  • USDJPY continues to trade closer to its recent highs and a bull cycle remains in play. Recent gains resulted in a break of the 50-day EMA, a bullish development that undermines a recent bearish theme and highlights a stronger reversal. Sights are on 149.39, the Aug 15 high. Clearance of this level would strengthen a bullish outlook. Initial firm support is 145.26, the 20-day EMA.