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Price Signal Summary - EURUSD Reversal Extends

OUTLOOK
  • In FX, EURUSD traded sharply lower Friday and the pair is weak again today. Price has breached the 20-day EMA and this has been followed by a break of support at 1.0788, the May 30 low. The move lower undermines the recent bullish theme and signals scope for a deeper pullback. Sights are on 1.0724, the May 9 low and 1.0675 further out, 76.4% retracement of the Apr 16 - Jun 4. Initial resistance is seen at 1.0812, the 50-day EMA.
  • The GBPUSD trend condition remains bullish and the latest pullback appears to be a correction. Support at 1.2711, the 20-day EMA, has been cleared and this exposes the next important area of support, at 1.2653, the 50-day EMA. A break of this average would undermine the bullish theme and signal scope for a deeper retracement. A reversal high would refocus attention on 1.2817, the Jun 4 high and bull trigger, and 1.2859, 1.236 projection of the Apr 22 - May 3 - 9 price swing.
  • The trend outlook in USDJPY is bullish and the recovery from last Wednesday's low signals the end of the recent corrective pullback. The move higher means that a key support zone, between 154.83, the 50-day EMA, and 154.29, a trendline drawn from the Dec 28 low, remains in place. A clear break of this zone would be bearish and highlight a reversal. For bulls, a move above 157.71, the May 29 high, would resume a short-term uptrend.
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