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

OUTLOOK
  • In FX, the uptrend in EURUSD remains intact and the latest pullback appears to be a correction. Last week’s gains resulted in the break of 1.1033, the Feb 2 high. This reinforced bullish conditions and more importantly, confirmed a resumption of the broader uptrend that started Sep 28 2022. The focus is on 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing and 1.1185 further out, the Mar 31 2022 high. On the downside, key short-term support lies at the 20-day EMA, at 1.0884.
  • GBPUSD remains in an uptrend and the Friday / Monday pullback is - for now - considered corrective. The pair has pierced support at 1.2364, the 20-day EMA. A clear break of this average would signal scope for a deeper pullback. On the upside, a resumption of gains would refocus attention on Friday’s 1.2546 high where a break would resume the uptrend and open 1.2599, Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, the Apr 10 low.
  • USDJPY traded to a fresh short-term high earlier, extending the recovery from last week’s lows. Resistance at 134.05, the Apr 12 high has been topped. This signals potential for a continuation higher and the pair is approaching 134.75, 61.8% of the Mar 8 - 24 bear leg. The current bull cycle does appear to be a correction, however, a break of support at 132.02, the Apr 13 low, is required to signal a bearish reversal. For bulls, a break of 134.75 would signal scope for a continuation higher.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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