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Price Signal Summary - EURUSD Continues To Trade Above The Former Bear Channel Resistance

OUTLOOK
  • In FX, the EURUSD condition remains bullish despite the recent 3-day pullback. Last week’s key technical development was the break of the bear channel top drawn from the Feb 10 high. The channel breakout highlights a stronger reversal and the focus is on 1.0198 next, Sep 12 high. The support to watch is 0.9830, the former bear channel resistance.
  • GBPUSD short-term conditions remain bullish and the pair is trading closer to its recent highs. Last week’s breach of key resistance at 1.1495 has strengthened a bullish condition. This has also confirmed a positive price sequence of higher highs and higher lows on the daily chart, reinforcing a bull theme. The focus is on 1.1738, the Sep 13 high. Initial support is seen at 1.1443, the 50-day EMA.
  • USDJPY remains above last Thursday’s low of 145.11. The recent print below 145.56, Oct 24 low, highlights a short-term bearish threat and signals scope for an extension of the current bear cycle. Momentum studies are trending down and this reinforces the bear theme. The focus is on the 50-day EMA at 144.22 - a key support. Initial firm resistance to watch is 149.71, the Oct 24 high. A break would expose the trend high of 151.95 on Oct 21.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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