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Price Signal Summary - EURUSD Bears Remain In The Driver's Seat

OUTLOOK
  • In FX, the EURUSD trend needle continues to point south and the pair traded lower again Wednesday. Fresh trend lows this week reinforce bearish conditions. The 1.0653 objective has been breached, 76.4% of the Mar 15 - Apr 26 rally. This opens 1.0551, the Mar 16 low. A firm resistance is seen at 1.0811, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.
  • The current short-term corrective cycle in GBPUSD remains in play and the pair is trading at its most recent highs. A continuation higher would open 1.2493, the May 18 high. The primary short-term trend direction is unchanged and remains down. A resumption of this trend would open 1.2242, the 50.0% retracement of the Mar 8 - May 10 bull run. The bear trigger is 1.2308, the May 25 low.
  • USDJPY bullish conditions remain intact and a pullback is considered corrective - for now. The pair has this week tested resistance at the top of the bull channel, drawn from the Jan 16 low which intersects at 140.91. This is a key resistance and a clear break of it would reinforce bullish conditions and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal would highlight a potential top. Key support to watch is 137.93, 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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