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Price Signal Summary - EURUSD Recovery Extends Inside The Bear Channel

MARKET INSIGHT
  • In the equity space, S&P E-Minis traded higher Monday before finding resistance at the session high. Short-term gains are considered corrective - for now. Resistance to watch is unchanged at 3950.00, the Jun 27 high, and the 50-day EMA at 3952.01. A clear breach of this zone would strengthen a bullish case. Support to watch lies at 3923.75, the Jul 14 low. Short-term gains in EUROSTOXX 50 futures are still considered corrective. Yesterday’s climb however resulted in a break of resistance at 3504.00, Jul 8 high. The breach exposes the 50-day EMA at 3553.60 and 3584.00, the Jun 27 high. A break of this zone would suggest scope for a stronger short-term recovery. On the downside, the key support and bear trigger is unchanged at 3343.00, Jul 5 low.
  • In FX, EURUSD has resumed its short-term recovery and has cleared Monday’s high. Attention is on resistance at 1.0258, the 20-day EMA. A breach of the average would strengthen bullish conditions and signal scope for an extension within the bear channel, drawn from the Feb 10 high. This would open 1.0359, the Jun 15 low. GBPUSD is holding onto its most recent gains. The latest recovery is considered corrective and firm resistance is seen at 1.2049, the 20-day EMA. A break of this average would signal scope for a stronger short-term climb and open 1.2125 the Jul 5 high. Key support has been defined at 1.1760, the Jul 14 low. USDJPY remains in an uptrend and the latest pullback is likely a correction. A resumption of gains would open 139.48, 1.00 projection of the Jun 16 - 22 - 23 price swing and the 140.00 psychological handle.
  • On the commodity front, Gold is consolidating. The yellow metal remains in a downtrend and last week’s trend lows reinforce bearish conditions. This has opened $1690.6 next, the Aug 9 2021 low. Firm resistance is seen at $1764.0, the 20-day EMA. In the Oil space, WTI futures traded higher Monday. A recent reversal signal was confirmed on Jul 14 - a hammer candle formation. Attention is on the next firm resistance at $104.94, the 50-day EMA. A clear break of this average is required to suggest scope for a stronger recovery. On the downside, a reversal lower would refocus attention on $90.56, the Jul 14 low and bear trigger.
  • In the FI space, a short-term bull cycle in Bund futures is still in play and the current retracement is considered corrective. Scope is seen for a climb towards 154.00 next. The trend condition in Gilts remains bullish. Scope is seen for a climb to 117.48, 1.236 projection of the Jun 16 - 24 - 29 price swing. Initial firm support to watch lies at 114.08, the Jul 8 low.
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