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Price Signal Summary - EURUSD Trend Condition Remains Bullish

  • In FX, a bullish theme in EURUSD remains intact. The pair rallied sharply higher last week, extending the bull cycle that started at 1.0635 on May 31. This signals scope for an extension towards 1.0986, 76.4% of the Apr 26 - May 31 downleg. A break of this level would open 1.1054, the May 8 high. Initial firm support is last Thursday’s low of 1.0804.
  • GBPUSD bulls remain in the driver’s seat and short-term pullbacks are considered corrective. The rally last week confirmed a clear break of 1.2680, the May 10 high and a bull trigger. This strengthens bullish conditions - 1.2680 was a key M/T hurdle for bulls and opens 1.2849,the 0.618 projection of the Mar 8 - May 10 - May 25 price swing. Moving average studies remain in a bull-mode condition reflecting current conditions. Initial firm support is at last Thursday’s 1.2630 low.
  • USDJPY rallied Friday and has traded to a fresh trend high this week. Price has cleared 141.55, the top of a bull channel drawn from the Jan 16 high. The break reinforces bullish conditions and confirms a resumption of the uptrend. The focus is on 142.51 next,61.8% of the Oct 16 2022 - Jan 16 bear leg. Support to watch is at 139.66, the 20-day EMA.

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