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Price Signal Summary - EURUSD Still Trading Inside It’s Month Old Range

MARKET INSIGHT
  • In the equity space, S&P E-minis are holding onto this week’s gains following Monday’s sharp reversal from 4572.75. A continuation higher would reinforce the bullish significance of the move back above the 50-day EMA and would open 4808.25, Jan 4 high and the bull trigger. Key support lies at 4572.75. EUROSTOXX 50 futures remain above the 50-day EMA. Key short-term support has been defined at 4216.50, Monday’s low. A stronger recovery would open 4381.5, the Jan 5 high.
  • In FX, EURUSD remains below resistance at 1.1383/86, the Nov 30 and Dec 31 high and the top of the month old range. The supports to watch are 1.1222, Dec 15 low and the bear trigger at 1.1185, Jul 1, 2020 low. GBPUSD bullish conditions remain in place and sights are on 1.3676 next, 76.4% of the Oct - Dec sell-off. Support to watch is still at the 1.3474, 20-day EMA level. The USDJPY trend outlook remains bullish following last week's break of 115.52, Nov 24 high and the most recent pullback is considered corrective. Potential is seen for a climb towards 117.08, 2.00 projection of Apr 23 - Jul 2 - Aug 4 price swing. 114.96, the 20-day EMA is seen as a firm support.
  • On the commodity front, Gold traded higher yesterday. The yellow metal has managed to remain inside its bull channel drawn from the Aug 9 low - last Friday's low of $1782.8 and the recovery from this level means the channel base has provided support. The focus is on key near-term resistance at $1831.9, Jan 3 high. WTI futures remain in an uptrend and attention is on the major resistance at $82.13, Oct 25 high. A break of this hurdle would confirm a resumption of the broader uptrend.
  • In the FI space, Bund futures remain in a downtrend and the contract traded lower again yesterday. The focus is on 169.34, Oct 29 low. Gilts remain in a downtrend too and futures have recently traded below the 123.00 handle. This opens 122.66 next, 3.764 projection of the Dec 8 - 16 - 20 price swing.
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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