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Price Signal Summary - EURUSD Tests Support At The 20-Day EMA

OUTLOOK
  • In FX, EURUSD has traded sharply lower this morning, extending the pullback from yesterday’s high of 1.1012. The pullback is considered corrective - for now. Attention is on support at 1.0853, the 20-day EMA. A clear break of this average would signal scope for a deeper pullback and this would open 1.0804, the Jun 15 low and 1.0733, the Jun 12 low. Key resistance and the bull trigger is at 1.1012.
  • GBPUSD bulls remain in the driver’s seat and this week’s pullback appears to be a correction. The move lower is allowing a recent overbought condition to unwind. Support to watch lies at 1.2624, the 20-day EMA. The trend outlook remains bullish. The recent break of 1.2680, the May 10 high and a bull trigger, strengthens bullish conditions and opens 1.2849 next, a Fibonacci projection.
  • USDJPY resumed its uptrend Thursday, topping 142.51, 61.8% of the Oct-Jan downleg, and has also traded higher today. The break retains the bullish technical short-term outlook, with 143.81 the next upside level, the upper band of a MA envelope study. Price has also added to gains on the recent breach of the top of a bull channel, at 141.70, drawn from the Jan 16 high. Key short-term support is at 140.32 the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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