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Price Signal Summary - EURUSD Bounce Appears To Be A Correction

OUTLOOK
  • In FX, EURUSD maintains a bearish theme and Thursday’s fresh cycle low reinforces current conditions. The bounce from yesterday’s low is considered corrective. The recent move down confirms a resumption of the trend and maintains the bearish sequence of lower lows and lower highs. Sights are on 1.0724, the Dec 8 low. On the upside, clearance of 1.0932, the Jan 24 high, would signal scope for a stronger recovery.
  • GBPUSD recovered yesterday. 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, and the recent pullback is considered corrective - for now. 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. A resumption of gains would open 149.16, 76.4% of the Nov 13 - Dec 28 bull leg. Key short-term support is 144.36, the Jan 12 low. A break would signal a top.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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