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Price Signal Summary - EURUSD Bull Phase Remains Intact

OUTLOOK
  • In FX, EURUSD traded higher Friday, extending the current bull cycle. The latest rally has improved the short-term technical set-up. The pair has traded through both the 20- and 50-day EMAs. This signals scope for a continuation near-term and attention turns to the bear channel top at 1.0854. The channel is drawn from the Dec 28 high and represents the next key resistance. On the downside, initial firm support has been defined at 1.0650, the May 1 low.
  • GBPUSD traded higher Friday resulting in a break of resistance at the 50-day EMA, at 1.2571. This strengthens a short-term bullish set-up and signals scope for a stronger correction near-term. Sights are on 1.2667, 61.8% of the Mar 8 - Apr 22 bear leg. The pullback from Friday’s high appears to be a correction - for now. Firm support has been defined at 1.2466, the May 1 low. Clearance of this level would reinstate a bearish threat.
  • The USDJPY traded lower Friday extending last week’s volatile reversal that started Apr 29. A number of key short-term support levels have been cleared and the pair has traded through the 20- and 50 day EMAs. This exposes the next key support at 151.29, a trendline support drawn from the Dec 28 low. Clearance of this line would strengthen the short-term bearish threat. Initial resistance to watch is 156.28, the May 2 high.
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