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Price Signal Summary - EURUSD Bounce Extends

OUTLOOK
  • In FX, the latest recovery in EURUSD concludes the recent six-session losing streak and the pair is moving higher today. The recent move down is considered corrective, however, price has traded through the 20-day EMA and this continues to signal scope for a deeper retracement, potentially towards the 50-day EMA at 1.0972. First resistance is at 1.1147 (pierced), the Jul 24 high. A clear break would expose 1.1229, the Jul 20 high.
  • GBPUSD has traded higher today as the pair extends this week’s recovery. The move lower that started Jul 14, appears to be a correction. However, this bear cycle remains in play and short-term signals continue to highlight a bearish threat. A resumption of weakness would expose the 50-day EMA at 1.2734. The base of the bull channel, drawn from the Mar 8 low and a key support, crosses at 1.2702. First resistance is at 1.3011, 61.8% retracement of the Jul 14 - 20 bear leg.
  • This week’s move lower in USDJPY appears to be a correction. The recent breach of both the 20- and 50-day EMAs, has strengthened a short-term bullish condition. This signals scope for a climb towards 142.08, 61.8% of the early July downleg. A break would open 143.22, the 76.4% retracement point. Initial support to watch lies at 139.11, the Jul 20 low.
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