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Price Signal Summary - Bear Threat In EURUSD Remains Present

OUTLOOK
  • In FX, EURUSD is trading inside a range as the pair remains in consolidation mode, for now. The trend outlook is bearish and short-term gains are considered corrective. Moving average studies have crossed and are in a bear-mode set-up highlighting a downtrend. 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg, has been pierced. A clear break of this level would open 1.0650 next, the May 1 low. Initial firm resistance is 1.0775, the 50-day EMA.
  • A bearish theme in GBPUSD remains in play, and this week’s low print reinforces the current trend set-up. Key support at 1.2670, the 50-day EMA, has been cleared, signalling scope for a deeper correction towards 1.2584, the May 15 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial firm resistance to watch is 1.2740, the Jun 19 high.
  • The trend in USDJPY is unchanged, it remains bullish and the pair has traded higher today. This week’s gains have resulted in a breach of key resistance at 160.17, the Apr 29 high. The break confirms a resumption of the primary uptrend and opens 161.50, 1.618 projection of the May 3 - 14 - 16 price swing. Note that moving average studies are in a bull mode position, highlighting a clear uptrend. Initial key support to watch is 158.30, the 20-day EMA.
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