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Price Signal Summary - EURUSD Bear Threat Remains Present

OUTLOOK
  • In FX, EURUSD short-term gains are considered corrective and the downtrend remains intact. Fresh trend lows last week reinforce bearish conditions and price continues to trade below the 20- and 50-day EMAs. Note too that 1.0653 has been breached, 76.4% of the Mar 15 - Apr 26 rally and this opens 1.0551, the Mar 16 low. A firm resistance is seen at 1.0789, the 20-day EMA. A break of this average would ease bearish pressure.
  • The latest pullback in GBPUSD highlights a bearish threat and key short-term resistance has been defined at Friday’s 1.2545 high. Note too that, despite a brief test above it last week, the 61.8% retracement of the May 10 - 25 downleg at 1.2538 remains intact. A continuation lower would open 1.2308, May 25 low and key support. Clearance of Friday’s high is required to reinstate the recent bull cycle.
  • USDJPY bullish conditions remain intact. The top of a bull channel, drawn from the Jan 16 low, which intersects at 141.06 today, represents key resistance. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal lower would highlight a potential top. Key support to watch is 138.33, 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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