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Price Signal Summary - EURUSD Bulls Have Sights On The 1.0822 Bear Channel Top

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded higher Thursday and in the process, managed to climb above the 20-day EMA at 4047.83. The break higher suggests scope for a continuation of the current corrective cycle and opens 4099.00, May 9 high and key short-term resistance. The bear trigger is unchanged at 3807.50, May 20 low. EUROSTOXX 50 futures have traded through the 50-day EMA, at 3722.90. This signals scope for an extension towards 3775.00, the May 5 high. A break of this resistance would open 3883.00, the Apr 21 high. Key support and the bear trigger is unchanged at 3466.00, May 10 low. Initial firm support is at 3576.00, the May 19 low.
  • In FX, EURUSD maintains a positive short-term theme. The pair has recently cleared the 20-day EMA and breached a key resistance at 1.0642, May 5 high. This strengthens the current bull cycle that began on May 13. The focus is on 1.0822, the top of a bear channel drawn from the Feb 10 high. Initial support is at 1.0643, May 25 low. GBPUSD maintains a firmer tone and the current corrective bull cycle is still in play. The pair has breached 1.2638, May 4 high. This signals scope for a climb towards the 50-day EMA at 1.2731. Key support and the bear trigger is unchanged at 1.2156, the May 13 low. Initial firm support lies at 1.2472, May 24 low. USDJPY appears vulnerable. The pair has this week traded through support at 126.95, the Apr 27 low and an important short-term pivot level. The breach suggests scope for a continuation lower. Attention is on the 50-day EMA, at 126.00 - a key support.
  • On the commodity front, Gold is holding on to its recent gains. The yellow metal has this week traded above the 20-day EMA. This opens the 50-day EMA at $1882.0. Recent gains are still considered corrective and the trend direction remains down. A resumption of bearish activity would refocus attention on $1787.0, May 16 low. In the Oil space, WTI futures traded higher Thursday to confirm a resumption of the current bull cycle. The break opens 116.43, the Mar 7 contract high and the bull trigger. A breach of this level would confirm a resumption of the primary uptrend and clear the way for a test of the psychological $120.00 handle. The firm short-term support to watch is at $103.24, May 19 low.
  • In the FI space, resistance in Bund futures is at $155.33 May 12 high. The trend direction remains down and an extension lower would open 150.49, the May 9 low and the bear trigger. The trend condition in Gilts remains down. The focus is on 115.70, the May 9 low. Initial resistance is at 118.63, May 24 high.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisMetals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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