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Market News Topics
December 13, 2021 11:05 GMT
Price Signal Summary - Bearish Triangle In EURUSD
MARKET INSIGHT
- In the equity space, S&P E-minis have started the week on a firm note. The outlook remains bullish and the focus is on the all-time high print of 4735.00 on Nov 22. The contract remains above the 50-day EMA at 4577.19. The EMA marks the key support. EUROSTOXX 50 futures maintain a bullish theme and the most recent pullback is considered a correction. Attention is on 4311.70 next, the 76.4% retracement of the Nov 18 - 30 downleg. Support is seen at 4137.00, the Jul 7 low.
- In FX, EURUSD continues to consolidate and remains below resistance at 1.1383, the Nov 30 high. A break of this level is required to signal potential for a stronger short-term recovery. The recent consolidation appears to be a triangle formation. This is a continuation pattern and reinforces the underlying bear trend. Support levels to watch are; 1.1228, the Dec 7 low and 1.1186, Nov 24 low and the bear trigger. GBPUSD remains vulnerable. Last week’s break of support at 1.3195, Dec 1 low confirmed a resumption of the downtrend and opens 1.3135, the Dec 11 2020 low. 1.3332 is resistance, the 20-day EMA. The USDJPY bullish engulfing candle on Dec 6 is still in play. The pattern suggests the pair has found a base and a resumption of gains would open 114.38, 61.8% of the Nov 24 - 30 downleg. Key support is unchanged at 112.53, the Nov 30 low.
- On the commodity front, Gold is consolidating and trading close to the base of its bull channel that intersects at $1766.3 today. The channel is drawn from the Aug 9 low and represents the key short-term support. A break would strengthen the bearish condition and open $1721.7, the Sep 29 low. The trend outlook in WTI futures remains bullish. The focus is on $74.53 next, the 50-day EMA. Initial support lies at $69.52, the Dec 7 low.
- In the FI space, Bund futures remain above the 20-day EMA, at 173.51 today. Last week’s high of 175.02 is the bull trigger and a break would confirm a resumption of the uptrend. A move below the 20-day EMA is required to suggest scope for a deeper pullback. The Gilts trend outlook remains bullish. The focus is on 128.00 next, the Aug 31 high.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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