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Price Signal Summary - Bull Flag In EURUSD

OUTLOOK
  • In FX, EURUSD is trading closer to last week’s highs and the recent consolidation appears to be a bull flag. The outlook remains bullish following recent gains. The move higher last week resulted in a clear bear channel breakout - price cleared the top of a channel drawn from the Dec 28 high and the break confirms a stronger reversal. Sights are on 1.0933 next, 61.8% retracement of the Dec 28 - Apr 16 bear leg. Initial firm support lies at 1.0784, the 50-day EMA.
  • GBPUSD maintains a bullish tone and is holding on to its latest gains. The breach last week of 1.2634, the May 3 high, confirms a resumption of the current bull cycle and sights are on 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. A break of this level would open 1.2803, the Mar 21 high. On the downside, initial firm support lies at 1.2584, the 50-day EMA.
  • USDJPY traded higher Monday and remains above last Thursday’s low. For bears, the pullback from 156.74, May 14 high, continues to signal the end of the corrective phase between May 3 - 14, and a possible resumption of a S/T bearish cycle. Attention is on 153.56, the 50-day EMA, and 152.61, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat. 156.74 is the resistance to watch.
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