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Price Signal Summary - EURUSD Bear Trend Remains Intact

OUTLOOK
  • In FX, EURUSD conditions remain bearish and the pair traded lower Thursday, breaching 1.0686, Sep 7 low. The break confirms a resumption of the downtrend. Note too that moving average studies are in a bear mode position, highlighting the market's current sentiment. Sights are on 1.0611, 38.2% retracement Sep’22 - Jul’23 upleg. Initial firm resistance is 1.0786, the 20-day EMA.
  • The trend needle in GBPUSD continues to point south and the pair traded to a fresh cycle low Thursday. This confirms a resumption of the downtrend. The focus is on 1.2369 next, the Jun 5 low. On the upside, initial firm resistance is seen at 1.2548, the Sep 11 high. Short-term gains would be considered corrective.
  • The USDJPY trend needle continues to point north. Resistance at 147.37, the Aug 29 high and a bull trigger, has recently been breached . This confirms a resumption of the uptrend and opens 148.40 next, the Nov 4 2022 high. Moving average studies remain in bull mode position, highlighting current sentiment. On the downside, 144.45 represents key short-term support, the Sep 1 low. Initial firm support lies at 145.91, the Sep 11 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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