January 30, 2023 11:01 GMT
Price Signal Summary - EURUSD Trend Direction Remains Up
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- In FX, the EURUSD bulls remain in the driver’s seat and short-term pullbacks are considered corrective. Key near term support levels remain intact and moving average studies continue to highlight positive market sentiment. A break higher would open the next objective at 1.0954, the Apr 11 2022 high. The 20-day EMA is the first support to watch - it intersects at 1.0789.
- GBPUSD continues to consolidate. Short-term pullbacks are considered corrective and the current uptrend remains intact. Moving average studies are in a bull-mode position reflecting positive market sentiment and the pair has recently pierced resistance at 1.2446, the Dec 14 high. A clear breach of this hurdle would resume the uptrend and open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. Initial firm support to watch is 1.2270, the 20-day EMA.
- The USDJPY trend direction is down. Price remains below key short-term resistance at 131.58, the Jan 18 high and below the 20-day EMA, at 130.64. A resumption of weakness would open 126.81, the 1.382 projection of the Oct 31 - Nov 15 - 21 price swing- the bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 would be a bullish development, signal a short-term reversal and open 133.64, the 50-day EMA.