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Price Signal Summary - EURUSD Remains Above Support At The 50-Day EMA

OUTLOOK
  • In FX, EURUSD is firmer this week but remains below last week’s high of 1.1012 (Jun 22). The latest pullback is considered corrective - for now. Key support to watch is at 1.0849, the 50-day EMA. A clear break of this average would strengthen a bearish threat and signal scope for a deeper pullback, opening 1.0804, the Jun 15 low and 1.0733, the Jun 12 low. Key resistance and the bull trigger is 1.1012. A break would resume the recent bull cycle.
  • The primary uptrend in GBPUSD remains intact, however, a corrective cycle is still in play. The recent move lower is allowing an overbought trend condition to unwind. Support to watch lies at 1.2651, the 20-day EMA. The recent break of 1.2680, the May 10 high and a bull trigger, strengthens a bullish condition and opens 1.2849 next, the 0.618 projection of the Mar 8 - May 10 - May 25 price swing. Clearance of this level would confirm a resumption of the uptrend.
  • Another bullish session in USDJPY yesterday and the pair touched a new multi-month high. Price is approaching 144.40 - the 1.382 projection of the Jan 16 - Mar 8 - Mar 24 price swing and 145.04 further out, resistance at the 2.0% 10-dma envelope. Technically, USDJPY is now the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 141.22 the 20-day EMA. A break would suggest scope for a deeper correction.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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