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Price Signal Summary - Bearish Extension In EURUSD

OUTLOOK
  • In FX, EURUSD is trading lower today. The pair maintains a bearish short-term tone following the recent break of former support at 1.0942, the May 2 low. The 50-day EMA, at 1.0891 and a key support, has also been breached. This signals scope for an extension lower towards 1.0805 next, 50.0% retracement of the Mar 15 - Apr 26 bull run. The current pullback is still considered corrective. Initial firm resistance is at 1.0945, the 20-day EMA. Initial firm resistance is at 1.0954, the 20-day EMA.
  • The trend outlook in GBPUSD remains bullish, however, a short-term corrective cycle remains in play following the pullback from last week’s high of 1.2680, on May 10. Today’s extension reinforces a short-term bearish theme. The focus is on the 50-day EMA which intersects at 1.2404 - a key short-term support. A clear break of this average would strengthen bearish conditions. Initial resistance is at 1.2547, the May 16 high.
  • USDJPY maintains a firmer short-term tone. Resistance at 136.63, the May 3 high, has been cleared and this signals scope for a continuation towards 137.77, the May 2 high and 137.91, the Mar 8 high. A break of this resistance zone would strengthen bullish conditions. On the downside, initial firm support is seen at 134.96, the 20-day EMA. Key support is far off at 133.50, the May 4 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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