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Price Signal Summary - EURUSD Gains Appear To Be A Correction

OUTLOOK
  • In FX, the EURUSD has recovered from this week’s low. Gains are considered corrective and the trend condition remains bearish. Fresh cycle lows this week maintain the bearish price sequence of lower lows and lower highs and moving average studies are in a bear mode position. A resumption of the trend would open 1.0484 next, the Jan 6 low. Initial firm resistance is at 1.0674, the 20-day EMA. A break would signal the start of a correction.
  • GBPUSD remains in a clear downtrend despite the latest bounce - a correction. The extension lower this week strengthens the case for bears and maintains the downtrending price sequence of lower lows and lower highs. Moving average studies are in bear-mode position and this reflects current market sentiment. The focus is on 1.2075, a Fibonacci retracement point. On the upside, initial firm resistance is seen at 1.2369, the 20-day EMA.
  • The USDJPY trend outlook is unchanged and remains bullish. Note that moving average studies are in a bull mode position, highlighting the market's positive sentiment. 149.71, the Oct 24 2022 high, has been tested and attention is on the psychological 150.00 handle. A break of this barrier would reinforce bullish conditions. On the downside, initial firm support lies at 147.82, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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