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Price Signal Summary - EURUSD Breaches Support At The 50-Day EMA

OUTLOOK
  • In FX, EURUSD is trading lower today, as the pair extends the recent pullback from 1.0977, the Jun 27 high. Price has cleared support at the 50-day EMA, at 1.0852. This signals scope for a continuation lower with sights on 1.0804 next, the Jun 15 low. The pullback is still considered corrective. A reversal higher would refocus attention on resistance at 1.0977, the Jun 27 high and 1.1012, the Jun 22 high.
  • A bearish corrective cycle in GBPUSD remains in play and the pair is trading at this week’s lows. The pair has breached support at 1.2646, the 20-day EMA. The break of this average signals scope for a deeper pullback and exposes the 50-day EMA, at 1.2545. Note that a trendline support intersects at 1.2533 - drawn from the Mar 8 low. Initial key resistance is 1.2760, the Jun 27 high.
  • USDJPY maintains a bullish tone and has again traded higher today. The pair has breached 144.40 - the 1.382 projection of the Jan 16 - Mar 8 - Mar 24 price swing and the break signals scope for 145.66, the 1.50 projection of the Jan 16 - Mar 8 - Mar 24 price swing and 145.94, resistance at the 2.0% 10-dma envelope. USDJPY is the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 141.84 the 20-day EMA. A break would signal scope for a deeper correction.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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