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Price Signal Summary - EURUSD Approaches Resistance At The 50-Day EMA

OUTLOOK
  • In FX, EURUSD is firmer today. The pair has breached 1.0779, the Jun 2 high, reinforcing a short-term bullish theme. Attention turns to resistance at 1.0812, the 50-day EMA where a clear break would signal scope for an extension higher. Note that the trend condition remains bearish and the latest bounce appears to be a correction. A failure at the 50-day EMA and a reversal lower would refocus sights on the bear trigger at 1.0635, the May 31 low.
  • Yesterday’s move lower in GBPUSD appears to be a correction and a bull cycle remains in play. Resistance at 1.2545, Jun 2 high, was cleared last week, and yesterday’s early gains resulted in a print above 1.2592, 76.4% of the May 10 - 25 downleg. A clear break of this level would expose key resistance at 1.2680, May 10 high. First support is 1.2468, the 20-day EMA.
  • The trend condition in USDJPY remains bullish and attention is on key resistance at the top of a bull channel drawn from the Jan 16 low. The line intersects at 141.30 today. A clear break of this hurdle would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a strong reversal lower would instead highlight a potential top and signal scope for a deeper pullback inside the channel. Support is at 138.80, the 20-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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