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Price Signal Summary – EUR/GBP Confirms Bearish Condition

MARKET INSIGHT
  • S&P E-Minis traded higher Friday, reinforcing bullish conditions and maintaining the current price sequence of higher highs and higher lows. Potential is for a climb towards 4145.75, the Jun 9 high. EUROSTOXX 50 futures traded higher once again Friday, reinforcing current bullish conditions. The contract has pierced the 76.4% retracement of the Jun 6 - Jul 5 downleg, at 3722.40.
  • EURUSD is unchanged and remains in consolidation mode. The pair is trading above support at 1.0097, Jul 27 low, and attention is on immediate resistance at 1.0278, the Jul 21 high. The sharp drop in EURGBP last week, reinforces bearish conditions and puts the cross at new multi-month lows. The latest spell of weakness has also resulted in a print below 0.8367, the May 2 low. EURJPY is trading lower again and trend conditions remain bearish. This reinforces the current downward cycle and marks an extension of last week’s breach of support at 136.87, the Jul 8 low.
  • Gold maintains a firmer tone and traded higher Friday. Current gains are considered corrective and attention is resistance at the 50-day EMA, which intersects at $1785.3. A break of this average would suggest potential for an extension and expose trendline resistance at $1812.0. WTI futures traded higher Friday and pierced the 50-day EMA. The contract however pulled back from the day high and remains below the average - the EMA intersects at $100.76.
  • Bund futures maintain a bullish tone and last week’s gains reinforce current conditions. Fresh highs confirm a resumption of the uptrend and the break higher maintains the current bullish price sequence of higher highs and higher lows. The short-term outlook in Gilt futures remains bullish and fresh highs last week reinforce this set-up. The move higher highlights an extension of the recent break of resistance at 117.09, Jul 6 high.
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