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Price Signal Summary - EURUSD Trend Direction Remains Down

OUTLOOK
  • In FX, EURUSD maintains a bearish theme and Friday’s steep sell-off plus Monday’s follow through reinforces current conditions. The break lower confirms a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. Sights are on 1.0724, the Dec 8 low. It has been pierce, a clear break would open 1.0712, 61.8% of the Oct - Dec bull leg. Initial resistance is 1.0898, the Feb 2 high.
  • GBPUSD traded sharply lower Friday and extended the pullback through Monday’s session. The sell-off has resulted in a clear break of support at 1.2597, the Jan 17 low and the base of a range that has been in place since mid-January. The clear range breakout strengthens a bearish condition and opens 1.2500, the Dec 13 low. Initial firm resistance is at 1.2682, the 20-day EMA.
  • The USDJPY trend outlook is bullish and Friday’s strong rally reinforces this condition. Key resistance at 148.80, the Jan 19 high, has been pierced. A clear break of this hurdle would confirm a resumption of the uptrend that started late December and open 149.16, 76.4% of the Nov 13 - Dec 28 bull leg. The break higher would also signal scope for gains towards 149.75, the Nov 22 high. Key short-term support lies at 145.90, the Feb 1 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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