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

OUTLOOK
  • In FX, EURUSD maintains a bearish theme and a downtrend remains intact for now. 1.0822, the Jan 23 low, has been breached and this confirms a resumption of the current downtrend. Sights are on 1.0793, 50.0% of the Oct - Dec bull leg. On the upside, clearance of 1.0932, the Jan 24 high, would signal scope for a stronger recovery and expose key short-term resistance at 1.0998, the Jan 5 high and a reversal trigger.
  • GBPUSD remains in consolidation mode. Key resistance is unchanged at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both price points represent important directional triggers. Clearance of 1.2827 would resume the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. For bears, a breach of 1.2597 would highlight a short-term reversal and open the 1.2500 handle, the Dec 13 low.
  • The USDJPY trend outlook is unchanged and remains bullish. Moving average studies have recently crossed and are in a bull-mode set-up. This reinforces the current trend condition and highlights positive market sentiment. Sights are on 149.16, 76.4% of the Nov 13 - Dec 28 bull leg. Key short-term support has been defined at 144.36, the Jan 12 low. A break of this level is required to signal a top. Initial firm support to watch is 146.20, 50-day EMA.
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  • In FX, EURUSD maintains a bearish theme and a downtrend remains intact for now. 1.0822, the Jan 23 low, has been breached and this confirms a resumption of the current downtrend. Sights are on 1.0793, 50.0% of the Oct - Dec bull leg. On the upside, clearance of 1.0932, the Jan 24 high, would signal scope for a stronger recovery and expose key short-term resistance at 1.0998, the Jan 5 high and a reversal trigger.
  • GBPUSD remains in consolidation mode. Key resistance is unchanged at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both price points represent important directional triggers. Clearance of 1.2827 would resume the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. For bears, a breach of 1.2597 would highlight a short-term reversal and open the 1.2500 handle, the Dec 13 low.
  • The USDJPY trend outlook is unchanged and remains bullish. Moving average studies have recently crossed and are in a bull-mode set-up. This reinforces the current trend condition and highlights positive market sentiment. Sights are on 149.16, 76.4% of the Nov 13 - Dec 28 bull leg. Key short-term support has been defined at 144.36, the Jan 12 low. A break of this level is required to signal a top. Initial firm support to watch is 146.20, 50-day EMA.