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Price Signal Summary - Bear Flag In EURUSD

OUTLOOK
  • In FX, EURUSD is consolidating but remains in bear-mode condition. Last week’s move lower resulted in the break of a trendline drawn from the Nov 1 low, signalling scope for a continuation of the corrective cycle. Price action since Jan 17 appears to be a flag formation - a bearish continuation signal. A resumption of weakness would open 1.0793, 50.0% of the Oct - Dec bull leg. Firm resistance is at 1.0998, Jan 5 high. A breach would signal a reversal.
  • GBPUSD remains above 1.2597, the Jan 17 low. The pair has recently pierced a key short-term support at 1.2611, the Jan 2 low and traded below the 50-day EMA, at 1.2628. The latest recovery is a bullish development, however, a clear breach of 1.2628/11 support would highlight a S/T top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low. Key resistance is 1.2827, the Dec 28 high. A break would resume the uptrend.
  • USDJPY bulls have paused for breath. A bullish theme remains intact and last week’s gains reinforce current conditions. Resistance at 146.41, the Jan 11 high, has recently been cleared, resuming the bull cycle. The move higher opens 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. Key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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