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Price Signal Summary - EURUSD Sell-Off reinforces Bearish Conditions

OUTLOOK
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  • In FX, EURUSD remains in a bear-mode condition for now and price has traded lower today, confirming a - resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774, 61.8% of the Jun 26 - Jul 17 bull phase. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.
  • GBPUSD has traded sharply lower today, reinforcing current bearish conditions. The pair has traded through support around the 50-day EMA - at 1.2792. A clear break of the EMA would suggest scope for an extension towards the 1.2700. Note that a trendline support lies at 1.2752, drawn from the Apr 22 low. Clearance of this line would also reinforce a bearish threat. Initial resistance is 1.2863, today’s intraday high.
  • USDJPY remains bearish and Wednesday’s sell-off reinforces this condition. The move down confirms a resumption of the downtrend and price has traded through a key chart point at the 150.00 handle. A close below this level would reinforce a bearish theme. 148.54, 61.8% of the Dec 28 ‘23 - Jul 3 upleg, has been pierced. A resumption of weakness would open 148.04, the Mar 15 low. Initial resistance is at 151.94, the Jul 25 high. Today’s recovery from the session low is considered corrective.
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  • In FX, EURUSD remains in a bear-mode condition for now and price has traded lower today, confirming a - resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774, 61.8% of the Jun 26 - Jul 17 bull phase. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.
  • GBPUSD has traded sharply lower today, reinforcing current bearish conditions. The pair has traded through support around the 50-day EMA - at 1.2792. A clear break of the EMA would suggest scope for an extension towards the 1.2700. Note that a trendline support lies at 1.2752, drawn from the Apr 22 low. Clearance of this line would also reinforce a bearish threat. Initial resistance is 1.2863, today’s intraday high.
  • USDJPY remains bearish and Wednesday’s sell-off reinforces this condition. The move down confirms a resumption of the downtrend and price has traded through a key chart point at the 150.00 handle. A close below this level would reinforce a bearish theme. 148.54, 61.8% of the Dec 28 ‘23 - Jul 3 upleg, has been pierced. A resumption of weakness would open 148.04, the Mar 15 low. Initial resistance is at 151.94, the Jul 25 high. Today’s recovery from the session low is considered corrective.