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Price Signal Summary - EURUSD Breaches Support At The 20-Day EMA

  • In FX, EURUSD traded lower yesterday and is again softer today. The recent pullback appears to be a correction, however, price has cleared 1.1060, the 20-day EMA. The break of this support signals scope for a deeper correction, towards the 50-day EMA at 1.0964. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high. First resistance is at 1.1147, Monday’s high.
  • GBPUSD traded lower Monday, extending the losing streak to seven consecutive sessions (the longest since August last year). Price has pierced 1.2801 - the 61.8% retracement for the Jun-Jul upleg. A clear break would expose the 50-day EMA which intersects at 1.2719. The base of a bull channel, drawn from the Mar 8 low, crosses at 1.2685 today and represents a key trend support. Initial firm resistance is at 1.2965, the Jul 20 high.
  • USDJPY is holding on to its recent gains. The pair has traded through both the 20- and 50-day EMAs, strengthening a short-term bullish condition. Sights are on 142.08, the 61.8% Fibonacci retracement for the early July downleg. A break would open 143.22, the 76.4% retracement point. On the downside, key support has been defined at 137.25, the Jul 14 low. Initial support to watch lies at 139.75, the Jul 21 low.

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