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Price Signal Summary - EURUSD Fails To Hold Above Key Support

OUTLOOK
  • In FX, the EURUSD has breached a key support around 0.9812 today (0.9821 yesterday) - the top of the bear channel breached last week. This undermines the recent bullish outlook and signals scope for a deeper pullback. Note too that 0.9765, a trendline support drawn from the Sep 28 low, has been cleared and this opens 0.9705 next, the Oct 21 low. Initial firm resistance is at 0.9976, yesterday’s high.
  • GBPUSD is trading lower, extending the pullback from 1.1645, the Nov 1 high and a key resistance. Price has breached both the 20- and 50-day EMAs and an extension lower exposes 1.1061 next, the Oct 21 low. The latest pullback is considered corrective - for now. A reversal higher and a break of 1.1645, would confirm a resumption of the recent bull cycle.
  • A short-term bearish theme in USDJPY remains intact despite the recent recovery from 145.11, Oct 27 low. Last week’s print below 145.56, Oct 24 low, suggests a correction lower is likely to extend. Momentum studies are trending down, having pulled back from a recent overbought area. Attention is on the 50-day EMA at 144.51 that represents an important support. Key resistance is 151.95, Oct 21 high. Initial firm resistance to watch is at 149.71, the Oct 24 high. A break of 149.71 would improve the outlook for bulls.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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