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

  • In FX, a bullish theme in EURUSD remains intact and the pair traded higher yesterday. This confirms a resumption of the uptrend and price has breached 1.0986, 61.8% of the Apr 26 - May 31 downleg. A clear break of this level would signal scope for 1.1054, the May 8 high, ahead of key resistance at 1.1095, the Apr 26 high. Firm short-term support has been defined at 1.0893, the Jun 20 low.
  • GBPUSD bulls remain in the driver’s seat and this week’s pullback appears to be a correction. The break last week of 1.2680, the May 10 high and a bull trigger, strengthens bullish conditions - 1.2680 was a key medium-term hurdle for bulls and opens 1.2849, 0.618 projection of the Mar 8 - May 10 - May 25 price swing. Initial firm support is at 1.2630, the Jun 15 low.
  • USDJPY is consolidating at its recent highs and the trend outlook remains bullish. Price has breached 141.65, the top of a bull channel drawn from the Jan 16 high. This reinforces bullish conditions and confirms a resumption of the uptrend, maintaining the bullish sequence of higher highs and higher lows. The focus is on 142.51 next, 61.8% of the Oct 16 2022 - Jan 16 bear leg. Support to watch is at 140.03 the 20-day EMA.

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