TEST3, PLEASE IGNORE

TEST, PLEASE IGNORE

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Price Signal Summary - EURUSD Tests Support At The Base Of A Bull Channel

OUTLOOK
  • In FX, the trend needle in EURUSD continues to point south and this week’s move lower reinforces bearish conditions. The pair has traded to fresh cycle low this week and breached 1.0834, Aug 22 low. Price continues to weaken inside a bull channel drawn from the Mar 15 low and has tested the base at 1.0769, a key pivot support. A clear break of it would open 1.0733, the Jun 12 low. Initial firm resistance is seen at 1.0921, the 20-day EMA.
  • GBPUSD traded lower yesterday and confirmed a clear break of support at 1.2621, the Aug 14 low. The pair has also breached 1.2591, the Jun 29 low. The break lower confirms a resumption of the downtrend and marks the end of the recent consolidative phase. The focus is on a move towards 1.2521 next, 1.382 projection of the Jul 14 - 24 - 27 price swing. On the upside, firm resistance is seen at 1.2738, the 20-day EMA.
  • The uptrend in USDJPY remains intact and the latest pullback appears to have been a correction. Recent gains resulted in a break of 145.07, the Jun 30 high. This confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode condition, highlighting an uptrend. The focus is on 147.49, the 2.00 projection of the Jul 14 - 21 - 28 price swing. Support to watch lies at 144.39, 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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