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OUTLOOK: Price Signal Summary - Possible Double Top Pattern In EURUSD

OUTLOOK
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  • In FX, the short-term trend outlook in EURUSD remains bullish, however, this week’s move down highlights scope for a deeper corrective pullback. Support at the 50-day EMA of 1.1045 has cracked, and a clear break of this average would signal scope for a deeper retracement towards 1.1002, the Sep 11 low and the next key support. Clearance of this level would highlight a double top reversal. Initial resistance is at 1.1105, the 20-day EMA.
  • GBPUSD has traded lower this week and remains soft, following today’s impulsive sell-off. The pair has breached support at the 20-day EMA - at 1.3255. The clear break of this average signalled scope for a deeper correction, towards the 50-day EMA at 1.3113. This average has been pierced, a clear break would strengthen a bearish threat and open 1.3049, 50.0% retracement of the Aug 8 - Sep 25 bull leg. Initial resistance is at 1.3255, the 20-day EMA.
  • USDJPY rallied sharply higher Wednesday and remains firm. The rally has resulted in a print above resistance around the 50-day EMA, at 146.20. A clear break of this average would undermine a bearish theme and highlight a stronger reversal. This would open 149.39, the Aug 15 high. It is still possible that short-term gains are corrective. A reversal lower would refocus attention on the bear trigger at 139.58, the Sep 16 low.
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  • In FX, the short-term trend outlook in EURUSD remains bullish, however, this week’s move down highlights scope for a deeper corrective pullback. Support at the 50-day EMA of 1.1045 has cracked, and a clear break of this average would signal scope for a deeper retracement towards 1.1002, the Sep 11 low and the next key support. Clearance of this level would highlight a double top reversal. Initial resistance is at 1.1105, the 20-day EMA.
  • GBPUSD has traded lower this week and remains soft, following today’s impulsive sell-off. The pair has breached support at the 20-day EMA - at 1.3255. The clear break of this average signalled scope for a deeper correction, towards the 50-day EMA at 1.3113. This average has been pierced, a clear break would strengthen a bearish threat and open 1.3049, 50.0% retracement of the Aug 8 - Sep 25 bull leg. Initial resistance is at 1.3255, the 20-day EMA.
  • USDJPY rallied sharply higher Wednesday and remains firm. The rally has resulted in a print above resistance around the 50-day EMA, at 146.20. A clear break of this average would undermine a bearish theme and highlight a stronger reversal. This would open 149.39, the Aug 15 high. It is still possible that short-term gains are corrective. A reversal lower would refocus attention on the bear trigger at 139.58, the Sep 16 low.