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Price Signal Summary - EURUSD Candle Pattern Highlights A Potential S/T Top

OUTLOOK
  • In FX, EURUSD failed to hold on to Monday’s high. The weak close yesterday is a potential bearish development that points to a possible top. In pattern terms, Monday is a shooting star candle - a reversal signal. An extension lower would expose key support at 1.0223, Nov 21 low. Clearance of this level would confirm a reversal and signal scope for a deeper pullback. A break of 1.0497, yesterday’s high, is required to resume recent bullish price action.
  • Last week’s climb in GBPUSD marks an extension of the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position too, highlighting current sentiment. The focus is on 1.2177, the 200-dma. On the downside, key short-term support is seen at 1.1789, the 20-day EMA.
  • USDJPY short-term trend conditions remain bearish. Monday’s extension resulted in a print below support at 137.68, the Nov 15 low. A clear break of this level would confirm a resumption of the downtrend and open 137.37, the Aug 29 low. Key short-term resistance is seen at 142.25, last week’s high on Nov 21.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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