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Price Signal Summary - EURUSD Trend Needle Continues To Point South

OUTLOOK
  • In FX, EURUSD has traded to a fresh trend low today, confirming a resumption of the downtrend. The move lower maintains the price sequence of lower lows and lower highs and note that moving average studies are in a bear mode position. The break lower signals scope for a move towards 1.0406 next, the 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg. Initial firm resistance is at 1.0647, the 20-day EMA. A break would signal the start of a correction.
  • GBPUSD bears remain in the driver’s seat. The pair started the week on a bearish note and price has traded lower today. The extension maintains the downtrend price sequence of lower lows and lower highs and moving average studies are in bear-mode position, reflecting current market sentiment. The focus is on 1.2028, Mar 16 low. Initial firm resistance is seen at 1.2328, the 20-day EMA.
  • The USDJPY trend outlook is unchanged and remains bullish. This week’s fresh trend high reinforces current conditions and moving average studies remain in a bull mode position, highlighting the market's positive sentiment. Attention is on the psychological 150.00 handle. A break of this barrier would reinforce bullish conditions and open 150.40, the 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. On the downside, initial firm support lies at 148.15, the 20-day EMA.

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