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Price Signal Summary - EURUSD Trend Condition Remains Bearish

OUTLOOK
  • In FX, EURUSD maintains a softer tone and is trading below 1.0694, Tuesday’s high. The move down this week reinforces a bearish theme and suggests that the recent correction between Oct 3 - 24 is over. Note too that Tuesday’s price pattern is a bearish engulfing candle - a reversal signal. A continuation lower would signal scope for 1.0496, the Oct 13 low. The key support and bear trigger lies at 1.0448, Oct 3 low. Key short-term resistance is 1.0694.
  • GBPUSD remains below Tuesday’s high. The trend outlook is bearish and gains are considered corrective. Attention is on 1.2037, the Oct 4 low and bear trigger. A break of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, clearance of 1.2337, the Oct 11 high, would signal scope for a stronger corrective cycle and highlight a short-term base.
  • USDJPY bulls remain in the driver’s seat. Resistance at 150.16, the Oct 3 high, has been breached and this marks a resumption of the uptrend and a continuation of the price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position and this reflects the market's positive sentiment. Sights are on 151.09 next, 2.764 projection of the Jul 14 - 21 - 28 price swing. Initial support to watch is 149.46, 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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