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Price Signal Summary - EURUSD Bear Threat Remains Present

OUTLOOK
  • In FX, EURUSD maintains a short-term weaker tone. This week’s move lower has resulted in the break of a trendline drawn from the Nov 1 low, signalling scope for a continuation of the corrective cycle. Note that key support at 1.0877, the Jan 5 low, has been pierced. A clear breach would further reinforce bearish conditions and open 1.0793, 50.0% of the Oct - Dec bull leg. Resistance is at 1.0998, Jan 5 high. A break would signal a reversal.
  • GBPUSD traded lower Wednesday but has managed to recover from the weekly lows. The pair has this week pierced key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2621. A clear break of both support points would highlight a short-term top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low. Key resistance and the bull trigger is at 1.2827, the Dec 28 high.
  • USDJPY maintains a bullish tone. This week’s gains resulted in a break of 146.41, the Jan 11 high, confirming a resumption of the bull cycle. The move higher opens 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. On the downside, a key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top. Initial support lies at 147.08, the Jan 17 low. Initial support is at 147.08, the Jul 17 low.
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