US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OUTLOOK: Price Signal Summary - EURUSD Trend Needle Points South

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, the trend needle in EURUSD continues to point south and the latest sell-off reinforces this theme. Short-term gains are for now, considered corrective. 1.0778, the Aug 1 low and a key support, has been pierced. A clear break would strengthen the downtrend and open 1.0746, the 76.4% retracement of the Apr - Sep bull leg. Note that moving average studies are in a bear-mode position highlighting a downtrend. Initial firm resistance is 1.0924 the 20-day EMA.
  • A bearish theme in GBPUSD remains intact and the pair is trading closer to its recent lows. The move down this week has resulted in a breach of 1.2959, the 61.8% retracement of the Aug 8 - Sep 25 bull leg. An extension lower would open 1.2890, the Aug 18 low. On the upside, initial resistance to watch is 1.3067, the 20-day EMA. A clear breach of this EMA is required to signal a reversal.
  • The trend condition in USDJPY remains bullish. The pair traded to a fresh cycle high on Wednesday, confirming a resumption of the current uptrend. Price has this week cleared the 50.0% retracement of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 153.40, the 61.8% retracement. Moving average studies have crossed and highlight a bull-mode set-up. Initial firm support is 147.93, the 50-day EMA.
224 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • In FX, the trend needle in EURUSD continues to point south and the latest sell-off reinforces this theme. Short-term gains are for now, considered corrective. 1.0778, the Aug 1 low and a key support, has been pierced. A clear break would strengthen the downtrend and open 1.0746, the 76.4% retracement of the Apr - Sep bull leg. Note that moving average studies are in a bear-mode position highlighting a downtrend. Initial firm resistance is 1.0924 the 20-day EMA.
  • A bearish theme in GBPUSD remains intact and the pair is trading closer to its recent lows. The move down this week has resulted in a breach of 1.2959, the 61.8% retracement of the Aug 8 - Sep 25 bull leg. An extension lower would open 1.2890, the Aug 18 low. On the upside, initial resistance to watch is 1.3067, the 20-day EMA. A clear breach of this EMA is required to signal a reversal.
  • The trend condition in USDJPY remains bullish. The pair traded to a fresh cycle high on Wednesday, confirming a resumption of the current uptrend. Price has this week cleared the 50.0% retracement of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 153.40, the 61.8% retracement. Moving average studies have crossed and highlight a bull-mode set-up. Initial firm support is 147.93, the 50-day EMA.