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Price Signal Summary - EURUSD Maintains A Softer tone

OUTLOOK
  • In FX, the EURUSD traded in a volatile manner across both the Wednesday and Thursday sessions. The pair has breached a key support at 0.9812, marking the top of the bear channel that was cleared on Oct 25. The break of this support undermines the recent bullish theme and signals scope for a deeper pullback, towards 0.9633 initially, the Oct 13 low. Firm resistance is seen at 0.9976, the Nov 2 high.
  • GBPUSD traded lower Thursday, extending the pullback from 1.1645, the Nov 1 high. Price has cleared both the 20- and 50-day EMAs and Thursday’s extension lower has exposed 1.1061, the Oct 21 low. The next key support lies at 1.0924, the Oct 12 low, where a break would strengthen a developing bearish threat. For bulls, a reversal higher and a break of 1.1645, is required to reinstate the recent bull cycle.
  • USDJPY is consolidating. The pair 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 144.66 - a key support. Clearance of the average 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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