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Price Signal Summary - EURUSD Trend Condition Remains bullish

OUTLOOK
  • In FX, EURUSD is holding on to this week’s gains. The move higher has confirmed a resumption of the uptrend - the bull trigger at the Dec 15 high at 1.0735, has been cleared. This maintains the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position. The focus is on 1.0787, the May 30, 2022 high. Initial support is at 1.0612, the 20-day EMA.
  • GBPUSD is trading closer to its recent highs and maintains a bullish short-term tone. The recovery from last Friday’s low of 1.1842 highlighted an early reversal and Monday’s follow through reinforces the signal. Note too that moving average studies are in a bull-mode position. Sights are on 1.2242 next, the Dec 19 high. Key support is at 1.1842, the Jan 6 low.
  • USDJPY remains below Friday’s high of 134.77. The pullback and weak close on Friday, reinforces a bearish theme and suggests that recent gains have been a correction. The key support and bear trigger lies at 129.52, Jan 3 low. Initial key short-term resistance has been defined at 134.77.
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