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Price Signal Summary - EURUSD Pullback Considered Corrective

OUTLOOK
  • In FX, EURUSD traded higher last Thursday, extending recent gains, before pulling back. The break higher last week confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.0736 next, the 2.382 projection of the Sep 28 - Oct 4 - 13 price swing. Initial support lies at 1.0528, the Dec 13 low.
  • GBPUSD trend conditions remain bullish, however, last Thursday’s strong sell-off signals a possible short-term top. Attention is on the first key support at 1.2107, the Dec 7 low. Clearance of this level would pave the way for a move towards 1.1901, the Nov 30 low. On the upside, key short-term resistance is at 1.2446, Dec 14 high.
  • USDJPY traded higher last Thursday and pierced resistance at 137.97, the Dec 13 high. The pair has also tested resistance at 137.88, the 20-day EMA. A clear break of this average, would signal scope for stronger recovery. This would open 140.00 and 140.19, the 50-day EMA. The bear trigger lies at 133.63, the Dec 2 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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