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Price Signal Summary - EURUSD Trend Condition Remains Bearish

OUTLOOK
  • In FX, EURUSD traded lower Tuesday. The pair has recently pierced resistance at 1.0718, the 20-day EMA, however the latest move higher appears to be a correction and the trend direction remains down. A resumption of the trend would open 1.0568, the Nov 2 2023 low, and 1.0525, the base of a bear channel drawn from the Dec 28 high. A clear break of the 20-day EMA would instead signal scope for a stronger recovery. The 50-day EMA is at 1.0771. The 50-day EMA is at 1.0775.
  • The trend condition in GBPUSD remains bearish. Recent gains are considered corrective and this has allowed an oversold condition to unwind. Moving average studies remain in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. A resumption of the trend would open 1.2266, the Nov 14 2023 low. Resistance to watch is 1.2576, the 50-day EMA.
  • The USDJPY trend condition remains bullish. However, Monday’s volatile session highlights the start of a possible corrective cycle. An early rally Monday stopped short of resistance at 160.20, the Apr 1990 high. Note that the trend condition is overbought and a deeper retracement would allow the overbought set-up to unwind. Initial key support to watch lies at 154.58, the 20-day EMA. The 50-day EMA lies at 152.31.
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