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Price Signal Summary - EURUSD Corrective Phase Still In Play

OUTLOOK
  • In FX, EURUSD has traded higher today, extending last week’s recovery from 1.0525, the Mar 8 low. Resistance at 1.0694 has been cleared, the Mar 6 / 7 high and this signals scope for a climb towards 1.0779 next, a Fibonacci retracement. Gains are considered corrective - for now. Support to watch is today’s intraday low of 1.0640 where a break is required to signal a top. This would refocus attention on 1.0525, the bear trigger.
  • GBPUSD traded higher Friday. Gains are considered corrective, however, attention is on resistance at 1.2147, the Feb 21 high. A break of this hurdle would signal scope for an extension towards 1.2269, the Feb 14 high. On the downside, initial support is 1.2013, the 20-day EMA. A breach of this level would signal a top and potentially expose key support at 1.1804, the Mar 8 low and bear trigger.
  • USDJPY trend outlook is unchanged and remains bullish. However, Friday’s move lower and today’s extension, highlights potential for a deeper corrective pullback. The pair has traded below support at 135.26, the 50-day EMA. A clear break of this average would strengthen a bearish threat and expose 132.57, 50.0% retracement of the Jan 18 - Mar 8 rally. On the upside, the bull trigger and key resistance has been defined at 137.91, the Mar 8 high. Initial resistance to watch is at 135-13, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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