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Free AccessPrice Signal Summary - EURUSD Bulls Remain In The Driver's Seat
- In FX, the EURUSD bulls remain in the driver’s seat and the pair is trading at its recent highs. A rising price sequence of higher highs and higher lows remains intact - the definition of an uptrend and moving average studies continue to highlight positive market sentiment. Sights are on 1.0954, the Apr 11 2022 high. The 20-day EMA marks initial firm support - it intersects at 1.0770.
- GBPUSD remains below its recent highs. Short-term weakness is considered corrective and a broader bullish structure remains intact. Price has recently pierced resistance at 1.2446, the Dec 14 high. A clear break of this hurdle would confirm a resumption of the uptrend that started late September 2022 and open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. Initial firm support is 1.2243, the 20-day EMA.
- The trend outlook in USDJPY remains bearish and resistance at 131.58, the Jan 18 high, remains intact. Note too that the pair is also trading below the 20-day EMA, at 130.78. Recent activity still appears to be a bear flag formation, reinforcing the downtrend. A break lower would open 126.81, 1.382 projection of the Oct 31 - Nov 15 - 21 price swing. The bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 would be a bullish development.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.