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OUTLOOK: Price Signal Summary - EURUSD Trend Needle Points North

OUTLOOK
  • In FX, EURUSD traded to a fresh trend high Friday. Bulls remain in the driver’s seat and last week’s appreciation reinforces a bullish set-up. Sights are on 1.1234 next, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend has entered overbought territory and any corrective pullback would allow this condition to unwind. Key short-term support is seen at 1.1006, the 20-day EMA.
  • GBPUSD bullish conditions remain intact and Friday’s gains have reinforced the current trend set-up. The pair has traded through two important resistance points; 1.3142/43, the Jul 14 ’23 high and the top of a bull channel drawn from the Oct 4 ‘23 low. This reinforces bullish conditions and opens 1.3261, a 1.382 projection of the Jun 27 - Jul 17 - Aug 8 price swing. First support is 1.3077, the Aug 22 low.
  • USDJPY is softer and continues to trade below the Aug 15 high. The trend structure is bearish and MA studies remain in a bear-mode set-up. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend. Resistance is at 148.08, the 20-day EMA.
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