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Price Signal Summary - EURUSD Trend Needle Continues To Point North

OUTLOOK
  • In FX, EURUSD reversed course Tuesday but is again firmer today and retracing yesterday’s sell-off. A key short-term support at the 20-day EMA which intersects at 1.0930 today, remains intact. Trend conditions are bullish and MA studies remain in a bull mode position. The trigger for a resumption of the uptrend is 1.1076, Apr 14 high. A break would open 1.1127, 1.00 projection of the Mar 15 - 23 - 24 price swing. On the downside, clearance of the 20-day EMA would signal scope for a deeper retracement.
  • GBPUSD failed to hold on to Tuesday’s high. Attention is on support at the 20-day EMA - at 1.2398. This average has been pierced and a clear break of it is required to suggest scope for a deeper correction that would open 1.2291, the 50-day EMA. The primary trend direction remains up and sights are on 1.2546, the Apr 14 high and bull trigger. Clearance of this level would resume the uptrend for 1.2599, the Jun 7 2022 high.
  • The USDJPY trend needle still points north and the latest pullback is considered corrective - for now. Recent gains resulted in a print above former resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg. This strengthened the current bull cycle and signals scope for a continuation higher towards 135.96 next, the 76.4% retracement point. Support at the 20-day EMA, at 133.51, has been pierced. A clear break would instead expose 132.02, Apr 13 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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