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Price Signal Summary - Bearish Extension In EURUSD

OUTLOOK
  • In FX, EURUSD maintains a bearish theme and today’s fresh cycle low reinforces current conditions. The break lower confirms a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. Sights are 1.0724, the Dec 8 low. On the upside, clearance of 1.0932, the Jan 24 high, would signal scope for a stronger recovery and expose key short-term resistance at 1.0998, the Jan 5 high and a reversal trigger.
  • Key resistance in GBPUSD is unchanged at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both price points represent important directional triggers. Clearance of 1.2827 would resume the uptrend and open 1.2881, a Fibonacci retracement. For bears, a breach of 1.2597 would highlight a short-term reversal and signal scope for weakness towards the 1.2500 handle, the Dec 13 low.
  • The USDJPY trend outlook is unchanged and remains bullish, and the recent pullback is considered corrective - for now. Moving average studies have recently crossed and are in a bull-mode set-up. This reinforces the current trend condition and highlights positive market sentiment. A resumption of gains would open 149.16, a Fibonacci retracement. Key short-term support has been defined at 144.36, the Jan 12 low. A break would signal a top.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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