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Price Signal Summary - EURUSD Key Support Remains Exposed

OUTLOOK
  • In FX, EURUSD traded sharply lower yesterday and cleared initial support at 1.0791, the Apr 5 low. The break lower reinstates a short-term bearish threat and signals the end of the recent recovery between Apr 2 - 9. The move lower has exposed 1.0725, the Apr 2 low, ahead of the key support at 1.0695, the Feb 14 low and bear trigger. Initial key resistance has been defined at 1.0885, Tuesday's high.
  • GBPUSD reversed lower Wednesday and this reinstates a short-term bearish threat. Key support to watch lies at 1.2519, the Feb 5 low. A clear break of this level would highlight an important bearish development and a stronger reversal. This would open 1.2465, 50.0% of the Oct 4 - Mar 8 bull leg. On the upside, initial firm resistance has been defined at 1.2709, the Apr 10 high. A break of this level would reinstate a bullish theme.
  • USDJPY traded sharply higher Wednesday. The climb takes the pair through key resistance at 151.91/95, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively. The break resumes the primary uptrend and sights are on 153.39 next, 1.382 projection of the Feb 1 - 13 - Mar 8 price swing. Initial firm support lies at 151.21, the 20-day EMA.
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