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Price Signal Summary - EURUSD Key Resistance Is At The Top Of Its Bear Channel

OUTLOOK
  • In FX, EURUSD traded higher again Tuesday. The pair has arrived at a key short-term resistance - 0.9998 marks the top of a bear channel drawn from the Feb 10 high. Note too that the 50-day EMA intersects at 1.0004. A break of these resistance points would strengthen bullish conditions and highlight a more significant reversal. Initial support to watch is 0.9806, yesterday’s low.
  • GBPUSD traded higher Tuesday, extending the latest recovery from 1.0350, Sep 26 low. The 20-day EMA has been cleared and this signals scope for an extension towards the 50-day EMA at 1.1572 - a key resistance. Initial firm support is seen at 1.1025, the Sep 30 low.
  • USDJPY key support is 140.36, the Sep 22 low. Attention is on the bull trigger at 145.90, the Sep 22 high. A break would confirm a resumption of the uptrend and open 146.03, 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial support is 143.20, the 20-day EMA.

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