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OUTLOOK: Price Signal Summary - EURUSD Bear Threat Remains Present

OUTLOOK
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  • In FX, EURUSD has recovered off its recent lows, however, a bearish threat remains present. The move down last week paves the way for a test of key support at 1.0335, the Nov 22 low and a bear trigger. Clearance of this level would confirm a resumption of downtrend and open 1.0311, the 1.382 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0501, the 20-day EMA.
  • A bearish trend structure in GBPUSD remains intact and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Friday. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high. Initial resistance is 1.2670, the 20-day EMA.
  • USDJPY bullish conditions remain intact and last week’s strong gains reinforce current conditions. The breach of 156.75, the Nov 15 high and a bull trigger, confirms a resumption of the uptrend and opens 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Initial firm support is 153.36, the 20-day EMA. A pullback would be considered corrective.
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  • In FX, EURUSD has recovered off its recent lows, however, a bearish threat remains present. The move down last week paves the way for a test of key support at 1.0335, the Nov 22 low and a bear trigger. Clearance of this level would confirm a resumption of downtrend and open 1.0311, the 1.382 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0501, the 20-day EMA.
  • A bearish trend structure in GBPUSD remains intact and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Friday. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high. Initial resistance is 1.2670, the 20-day EMA.
  • USDJPY bullish conditions remain intact and last week’s strong gains reinforce current conditions. The breach of 156.75, the Nov 15 high and a bull trigger, confirms a resumption of the uptrend and opens 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Initial firm support is 153.36, the 20-day EMA. A pullback would be considered corrective.