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Price Signal Summary -  EURUSD Resumes Its Uptrend

OUTLOOK
  • In FX, the EURUSD has traded higher today and has breached last week’s high to confirm a resumption of the primary uptrend. The trend extension maintains the bullish price sequence of higher highs and higher lows. The focus is on 1.0954, the Apr 11 2022 high. Initial firm support is at 1.0726, the 20-day EMA. Any near-term weakness would be considered corrective.
  • GBPUSD has traded higher today and in the process, the pair has pierced 1.2446, the Dec 14 high. The move higher reinforces bullish conditions and a clear break of 1.2446 would confirm a resumption of the uptrend that started late September 2022. This would open 1.2506,the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. On the downside, initial firm support is seen at 1.2197, the 20-day EMA.
  • USDJPY remains below last week’s high of 131.58 and the 20-day EMA, at 131.01. Recent activity appears to be a bear flag formation - if correct it reinforces the downtrend and signals scope for a continuation of the trend. A break lower would open 126.81, 1.382 projection of the Oct 31 - Nov 15 - 21 price swing. The bear trigger is 127.23, the Jan 16 low. On the upside, clearance of 131.58, the Jan 18 high, would be bullish and signal scope for a stronger correction.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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