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Price Signal Summary - Corrective Pullback In EURUSD

OUTLOOK
  • In FX, the EURUSD bulls remain in the driver’s seat, however, the pair has pulled back from recent highs. The move lower is considered corrective with support at 1.0795, the 20-day EMA. A break of this level would strengthen a bearish threat and allow for a deeper correction. This would open 1.0767, the Jan 18 low. Note that the trend is overbought. On the upside, the bull trigger is 1.0929, the Jan 26 high. A breach resumes the uptrend.
  • Short-term pullbacks in GBPUSD are considered corrective and the current uptrend remains intact. Moving average studies remain in a bull-mode position reflecting positive market sentiment and the pair has recently pierced resistance at 1.2446, the Dec 14 high. A clear breach of this hurdle would resume the uptrend and open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. Initial firm support to watch is 1.2278, the 20-day EMA.
  • USDJPY is unchanged. The trend direction is down and price remains below key short-term resistance at 131.58, the Jan 18 high and below the 20-day EMA, at 130.62. A resumption of weakness would open 126.81, the 1.382 projection of the Oct 31 - Nov 15 - 21 price swing- the bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 is required to signal a short-term reversal and open 133.51, the 50-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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