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Price Signal Summary - EURUSD Bulls Remain In The Driver's Seat

OUTLOOK
  • 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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