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Price Signal Summary - EURUSD Pullback Appears To Be A Correction

OUTLOOK
  • In FX, the trend outlook in EURUSD remains bullish and the pullback from Wednesday’s high is likely a correction. Note that the trend condition is overbought and a move lower is allowing this set-up to unwind. Initial support to watch is 1.0852, the Nov 22 low. This week’s gains resulted in a break of resistance at 1.0965, the Nov 21 high to confirm a resumption of the uptrend. The next objective is 1.1065, the Aug 10 high and a key resistance.
  • The trend direction in GBPUSD remains up and Thursday’s pullback is considered corrective. This week’s gains maintain the current positive price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position, highlighting an uptrend. The focus is on 1.2800, the Aug 22 high and 1.2829, a vol band resistance. On the downside, initial firm support to watch at 1.2483, the 20-day EMA.
  • USDJPY has this week breached 147.15, the Nov 21 low. The move lower cancels a recent bullish pattern and highlights a resumption of the bear cycle that started Nov 13. Attention is on a key support at 146.76, a trendline drawn from the Mar 24 low. A clear break of this line would strengthen the bearish threat and open 145.91, the Sep 11 low. Key short-term resistance is 149.75, the Nov 22 high. A breach of this hurdle would highlight a bull reversal.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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