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Price Signal Summary - EURUSD Resumes Its Downtrend

MARKET INSIGHT
  • In the FX space, EURUSD resumed its bearish theme yesterday and has probed 1.1704 - the 2021 low printed in March. A clear break would leave rates at the lowest levels since November 2020 and open 1.1603, the Nov 4, 2020 low. EURJPY has cleared 128.60, the Jul 20 low. The break confirms a resumption of the current downtrend and signals scope for weakness towards 127.88, 38.2% retracement of the Oct '20 - Jun rally
  • On the commodity front, Gold remains firm with the focus on the next important resistance at $1798.2, the 50-day EMA. A break would strengthen bullish conditions. WTI futures support lies at $65.01, Jul 20 low. This level represents a key pivot point.
  • On the equity front, S&P E-minis dips are considered corrective. The focus is on 4481.75, 1.00 projection of the Jun 21 - Jul 14 - 19 price swing. Support at the 20-day EMA held yesterday and the level to watch today is 4411.75, yesterday's low. EUROSTOXX 50 futures remain in a clear uptrend despite this week's pullback. The focus is on the 4262.07 2.0% 10-dma envelope. Firm support is at 4153.00, Jun 17 high.
  • In FI, support to watch in Bunds is at 176.21, the Aug 11 low. Trend conditions remain bullish. Gilt futures outlook is bullish too and attention is on 130.72, Aug 4 high and the bull trigger. The support to watch is unchanged at 129.10, Jul 22 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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