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Price Signal Summary - EURUSD Clears Support

OUTLOOK
  • In FX, a bearish theme in EURUSD has traded lower today and this has resulted in a break of support at 1.0796, the Feb 29 low. The move down reinforces a bearish theme and signals scope for a continuation lower. Sights are on 1.0762 next, the Feb 20 low, ahead of key support at 1.0695, the Feb 14 low and bear trigger. On the upside, initial resistance is at the 20-day EMA, at 1.0860. For bulls, a move above 1.0943, the Mar 21 high, is required to ease bearish pressure.
  • A bearish threat in GBPUSD remains present and the pair is consolidating closer to its recent lows. 1.2600, the Mar 1 low, has been breached and this paves the way for a move towards 1.2536, the Feb 14 low and 1.2519, the Feb 5 low and a key support. Moving average studies continue to highlight an uptrend. A break of 1.2803, the Mar 21 high, is required to ease bearish pressure. First resistance is 1.2693, the 20-day EMA.
  • USDJPY remains in consolidation mode and the recent pause appears to be a flag - a bullish continuation pattern. MA studies are in a bull-mode position and this continues to highlight a clear uptrend. Sights are on 151.91/95, the Nov 13 high and Oct 1 ‘22 highs respectively. The resistance has been tested, a clear break would resume the long-term uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Support is at 150.13, the 20-day EMA.

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