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Price Signal Summary - Corrective Pullback In EURUSD

OUTLOOK
  • In FX, the EURUSD trend conditions remain bullish, however, the pair has started the week on a softer note with resistance at 1.0479 intact, the Nov 15 high. A move lower is considered corrective and this is allowing a recent overbought condition to unwind. Next support lies at 1.0198, the Sep 12 high. 1.0479 is the bull trigger and key resistance.
  • The GBPUSD trend condition remains bullish but short-term signals highlight an overbought condition. Last week’s gains resulted in a print above the upper band of the 3.0% 10-dma envelope, before pulling back. A deeper retracement would be considered corrective. 1.2028 is the trigger for a resumption of gains. Firm support is at 1.1533, the 50-day EMA.
  • USDJPY remains bearish and short-term gains are considered corrective. A resumption of weakness would open 137.37, the Aug 29 low. The pair has pierced 138.64, 61.8% of the Aug 2 - Oct 21 bull leg. A clear break of this key Fibonacci retracement would reinforce bearish conditions. The 50-day EMA at 143.81 remains a key short-term resistance.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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