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Price Signal Summary – EURJPY Bearish Condition Strengthens

MARKET INSIGHT
  • S&P E-Minis traded higher Thursday, marking an extension of Wednesday's climb that resulted in a breach of 4016.25, the Jul 22 high. The break higher confirms a resumption of the current bull cycle and signals potential for a climb towards 4145.75, the Jun 9 high. EUROSTOXX 50 futures traded higher Thursday, marking an extension of Wednesday's gains that confirmed a bull flag on the daily chart and a resumption of the current uptrend.
  • EURUSD support to watch is at 1.0097, Jul 27 low. The pair is still trading below immediate resistance at 1.0278, the Jul 21 high. A break above this hurdle would once again resume short-term bullish conditions and signal scope for an extension higher. The sharp drop in EURGBP continued Thursday, reinforcing bearish conditions and putting the cross at new multi-month lows. The latest spell of weakness puts prices through 0.8367, the May 2 low. EURJPY traded sharply lower Thursday and in the process, the cross breached support at 136.87, the Jul 8 low. Clearance of this level strengthens bearish conditions and paves the way for weakness towards 135.40 next, a Fibonacci retracement.
  • Gold maintains a firmer tone and is trading higher today. Current gains are considered corrective and attention is resistance at the 50-day EMA, which intersects at $1786.1. WTI futures continue to trade above the most recent lows. The contract however is also trading below the 50-day EMA, at $100.84. Clearance of this average is required to strengthen bullish conditions and signal scope for a stronger reversal.
  • Bund futures maintain a bullish tone and the contract traded higher once again on Thursday. This confirms 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 the contract resumed its climb on Thursday. This highlights an extension of the recent breach of resistance at 117.09, the Jul 6 high.
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