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Price Signal Summary - EURUSD Short-Term Correction Still In Play

OUTLOOK
  • In FX, EURUSD maintains a softer tone following the recent pullback and break of former support at 1.0942, the May 2 low. The pair has also cleared the 50-day EMA, at 1.0892 and a key support. This signals scope for an extension lower towards 1.0831, the Apr 10 low and 1.0805, a Fibonacci retracement. The current pullback is considered corrective. Initial firm resistance is at 1.0954, the 20-day EMA.
  • The trend outlook in GBPUSD remains bullish. Near-term, the pair remains in a short-term corrective cycle following the pullback from last week’s high of 1.2680, on May 10. A continuation lower would expose the 50-day EMA which intersects at 1.2401 - a key short-term support. A clear break of this average would strengthen bearish conditions. On the upside, the bull trigger is at 1.2680, the May 10 high.
  • USDJPY traded higher Monday as the pair extended the retracement of the sell-off between May 2 - 4. The next resistance is 136.63, the May 3 high. Clearance of this hurdle would expose 137.77, the May 2 high and 137.91, the Mar 8 high. On the downside, a resumption of weakness would instead signal scope for a test of 133.50, the May 4 low and a key short-term support. Clearance of this level would reinstate the recent bearish theme.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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