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Price Signal Summary - EURUSD Bull Flag

OUTLOOK
  • In FX, a bullish theme in EURUSD remains intact following last week’s gains. The latest pullback appears to be a correction and a flag formation - a bullish continuation pattern. A resumption of gains would pave the way for a climb towards 1.0998 next, the Jan 5 high. The 76.4% retracement of the Dec 28 - Feb 14 bear leg is at 1.1034. Initial firm support to watch is 1.0853 the 50-day EMA.
  • A bullish phase in GBPUSD bulls remain in the driver’s seat and this week’s move lower is considered corrective. The recent break of 1.2827, the Dec 28 high and a bull trigger, represents an important technical breach and confirms a resumption of the bull trend that started on Oct 4 last year. Moving average studies are in a bull-mode set-up too. Sights are on 1.2996 next, the Jul 27 2023 high. Initial firm support is seen at 1.2714, the 20-day EMA.
  • USDJPY remains vulnerable following last week’s impulsive sell-off and the latest bounce is considered corrective. The breach of support at the 50-day EMA strengthens a bearish theme. The pair has pierced 146.83, 38.2% of the Dec 28 - Feb 13 bull cycle. The move lower has exposed 145.90, the Feb 1 low and a key support. Clearance of this level would be seen as an important bearish break. Initial resistance to watch is 148.37, the 50-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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