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

OUTLOOK
  • 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.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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