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Price Signal Summary - EURUSD Bear Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD traded lower Tuesday and a bear cycle remains intact The recent pullback appears to be a correction, however, price has cleared 1.1060, the 20-day EMA. The break signals scope for a deeper short-term pullback, towards the 50-day EMA at 1.0967. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high. First resistance is at 1.1147, Monday’s high.
  • GBPUSD found support yesterday, however, the short-term outlook remains bearish. Price has pierced 1.2801 - the 61.8% retracement of the Jun 29 - Jul 14 upleg. A clear break would expose the 50-day EMA at 1.2726. The base of the bull channel, drawn from the Mar 8 low, crosses at 1.2693 today and represents a key trend support point. Initial firm resistance is at 1.2965, the Jul 20 high.
  • USDJPY is consolidating and holding on to its recent gains. The pair has recently traded above both the 20- and 50-day EMAs, strengthening a short-term bullish condition. Sights are on 142.08, 61.8% of the early July downleg. A break would open 143.22, the 76.4% retracement point. On the downside, key support has been defined at 137.25, the Jul 14 low. Initial support to watch lies at 139.75, the Jul 21 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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