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Price Signal Summary - EURUSD Bull Flag

OUTLOOK
  • In FX EURUSD has recovered from last Thursday’s low of 1.0788. The recent pullback appears to have been a correction and potentially a flag formation - a bullish continuation signal. This reinforces a bull theme and note that moving average studies also highlight an uptrend. A resumption of gains would open 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Support to watch lies at 1.0788, the May 30 low.
  • The trend condition in GBPUSD remains bullish and the pair has recovered from last Thursday’s low of 1.2681. A resumption of gains would open 1.2803, the Mar 21 high and 1.2859, a 1.236 projection of the Apr 22 - May 3 - 9 price swing. Moving average studies are in a bull-mode set-up, highlighting an uptrend. Key support levels to watch are 1.2672, the 20-day EMA and 1.2627, the 50-day EMA. A clear break of these averages would signal scope for a deeper retracement.
  • The trend outlook in USDJPY remains bullish and last Thursday’s pullback appears to have been a correction. Recently, price has traded above resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off. A continuation higher would open 157.99, the May 1 high. For bears, a stronger reversal would again refocus attention on key support at 154.60, the 50-day EMA, and 153.69, a trendline drawn from the Dec 28 low.
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