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Price Signal Summary - EURUSD Bear Cycle Extends

OUTLOOK
  • In FX, the trend needle in EURUSD continues to point south and today’s move lower reinforces the current bearish condition. The pair has traded to fresh cycle low this week and has cleared support at 1.0834 in the process, the Aug 22 low. Price is trading lower inside a bull channel drawn from the Mar 15 low. The base lies at 1.0765 and represents the next objective. Initial firm resistance is seen at 1.0940, the 20-day EMA.
  • GBPUSD is trading lower today but for now, remains inside a range. The trend condition is bearish and attention is on 1.2621, the Aug 14 low and the short-term bear trigger. A break of this level would confirm a resumption of the downtrend and open 1.2591, the Jun 29 low and an important support. On the upside, key short-term resistance is unchanged at 1.2819, the Aug 19 high. Clearance of this level would signal a possible reversal.
  • The uptrend in USDJPY remains intact and the pair continues to trade closer to its recent highs. Last week’s move higher resulted in a break of 145.07, the Jun 30 high. This confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. MA studies are in a bull mode condition, highlighting an uptrend. The focus is on 147.49, the 2.00 projection of the Jul 14 - 21 - 28 price swing. Initial firm support is 144.17, 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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