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OUTLOOK: Price Signal Summary - EURUSD Support Remains Intact

OUTLOOK
  • In FX, this week’s move lower in EURUSD appears corrective and a bullish theme remains intact. Note that moving average studies are in a bull-mode position too, highlighting a rising trend. A resumption of gains would open 1.1234 next, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend is overbought, a deeper pullback would allow this condition to unwind. Key short-term support to watch is 1.1047, the 20-day EMA.
  • Bullish conditions in GBPUSD remain intact and the latest shallow pullback is considered corrective. Recent gains reinforce a bullish condition and this maintains the positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, highlighting a rising trend. Sights are on 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg. Firm support is at 1.3019, the 20-day EMA.
  • USDJPY continues to trade below the Aug 15 high and the 20-day EMA. The trend structure remains bearish and moving average studies are in a bear-mode set-up. A stronger reversal lower would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend. Key near-term resistance is seen at 146.91, the 20-day EMA.
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