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Price Signal Summary - EURUSD Holds On To Its Recent Gains, Following Friday's Rally

OUTLOOK
  • In FX, the EURUSD rebounded Friday and traded higher yesterday. This highlights a bullish development and the pair has defined support at 0.9730, Nov 3 low. Resistance at 0.9976, the Nov 3 high, has been cleared and this opens key resistance and the bull trigger at 1.0094, the Oct 27 high. On the downside, a reversal lower and a move through 0.9730 is required to reinstate a bearish theme.
  • GBPUSD found support Friday highlighting a potential bullish reversal of the Oct 27 - Nov 4 bear leg. Price is once again trading above the 20- and 50-day EMAs and this is seen as a positive development. A continuation higher would open key resistance and the bull trigger at 1.1645, Oct 27 high. Initial firm support is at 1.1150, the Nov 4 low.
  • USDJPY still appears vulnerable and continues to trade below resistance at 149.71, the Oct 24 high. A resumption of weakness would refocus attention on the 50-day EMA at 144.81 - a key support. Clearance of this EMA would signal scope for a deeper pullback. For bulls, a break of 149.71 would be a positive development and this would expose the bull trigger at 151.95, Oct 21 high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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