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Price Signal Summary - EURUSD Directional Triggers Defined

MARKET INSIGHT
  • In the equity space, S&P E-minis rolled off the week's highs of 4230 on Tuesday and has flatlined since. This keeps key resistance at 4238.25 May 10 high untouched for now, with key trend support unchanged at 4029.25, May 13 low. The 20-day EMA represents initial support at 4166.44. A break would signal scope for a deeper pullback. EUROSTOXX 50 futures outpaced their US counterparts Tuesday, holding the majority of the session's gains into the Wednesday open. Tuesday's show above the 4099.00,1.00 projection of the Mar - Jul - Oct 2020 price swing confirms the resumption of the uptrend and opens 4140.00, Jan 18 high, 2008 (cont)
  • In the FX space, EURUSD is offered this morning. The outlook remains bullish and the key directional parameters that have been defined are; 1.2133 support, May 28 low and 1.2266 resistance, May 25 high. The latter is the bull trigger. A break of the former would signal scope for a deeper corrective pullback. GBPUSD traded above resistance at 1.4237, Feb 24 high on Tuesday but has since pulled back and is softer today. A clear break higher would confirm a resumption of the broader uptrend. Support to watch lies at 1.4092, May 27 low. USDJPY is firmer this morning. Attention is on 110.20, May 28 high where a break would resume the recent recovery. Key support is at 108.56, May 25 low.
  • On the commodity front, Gold remains bullish despite this week's pullback. The focus is on the Jan 8 high of $1917.6. The trend remains overbought and we continue to monitor this technical warning sign. $1872.8, May 25 low is first support. Trend conditions in Oil remain bullish. Brent (Q1) key resistance at $69.90, May 18 high has been cleared. This opens $71.38, Mar 8 high (cont) next. WTI (N1) has traded through the May highs opening the $70.00 psychological level.
  • Within FI, Bunds (M1) are unchanged and remain below the 50-day EMA at 170.39. While it holds, the outlook is bearish. A clear break higher is required to highlight scope for further gains. Support is at 169.02. May 24 low. Gilts (U1) remains below resistance at 127.74/82, highs between Apr 20 and May 26. A bearish risk remains present.
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