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Price Signal Summary - EURUSD Remains Inside The Bull Channel

OUTLOOK
  • In FX, the trend needle in EURUSD points south, however, a key support at 1.0776 remains intact. This marks the base of a bull channel drawn from the Mar 15 low and represents an important pivot point. A clear channel breakout would strengthen bearish conditions and open 1.0733, the Jun 12 low. Initial firm resistance is at 1.0898, the 20-day EMA. Note that the 50- day EMA is at 1.0930. A clear break these averages would signal scope for a stronger rally.
  • GBPUSD trend conditions remain bearish following last week’s move lower and short-term gains are considered corrective. The move lower resulted in a break of support at 1.2621, the Aug 14 low and the pair has also breached 1.2591, the Jun 29 low. This confirms a resumption of the downtrend and the end of a recent consolidative phase. The focus is on 1.2521, 1.382 projection of the Jul 14 - 24 - 27 price swing. Firm resistance is unchanged at 1.2705, the 20-day EMA.
  • The uptrend in USDJPY remains intact, despite Tuesday’s pullback into the close. Yesterday’s fresh cycle high reinforces bullish conditions. Attention is on 147.49, the 2.00 projection of the Jul 14 - 21 - 28 price swing, and the next objective. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies are in a bull mode condition, reflecting current positive market sentiment. Support to watch lies at 144.88, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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