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Price Signal Summary - EURUSD Engulfing Candle Highlights Bullish Reversal

OUTLOOK
  • In FX, a strong recovery Friday in EURUSD, signals the end of the recent corrective pullback. The pair has found support ahead of the 50-day EMA, at 1.0436 and Friday’s price pattern is an engulfing candle, highlighting bullish market sentiment. A continuation higher would expose the bull trigger at 1.0735, the Dec 15 high. A break of this level would resume the uptrend. The first key support to watch lies at 1.0484, Friday’s low.
  • GBPUSD has traded higher today. The recovery from Friday’s low of 1.1842 highlights a potential reversal and if correct, signals the end of the recent bear cycle that started on Dec 14. Sights are on 1.2242 next, the Dec 19 high. Key support has been defined at 1.1842.
  • USDJPY failed to hold on to Friday’s high of 134.77, resulting in a close at the session low. This reinforces a bearish theme and suggests that recent gains have been part of a short-term corrective cycle. The key support and trigger for a resumption of the downtrend is 129.52, Jan 3 low. Initial key short-term resistance has been defined at 134.77.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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