Free Trial

Price Signal Summary - EURUSD Trend Needle Points South

OUTLOOK
  • In FX, the trend needle in EURUSD continues to point south Wednesday’s move lower reinforces the current bearish condition. The pair has traded to fresh cycle low this week and has cleared support at 1.0834, the Aug 22 low. Price continues to weaken inside a bull channel drawn from the Mar 15 low. The base lies at 1.0767 and represents the next objective and a key support. Initial firm resistance is seen at 1.0933, the 20-day EMA.
  • GBPUSD yesterday pierced support at 1.2621, the Aug 14 low and the short-term bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 1.2591, the Jun 29 low and an important support. On the upside, key short-term resistance is unchanged at 1.2819, the Aug 19 high. Clearance of this level would signal a possible reversal.
  • The uptrend in USDJPY remains intact despite Wednesday’s weakness - a short-term pullback is considered corrective. Last week’s gains resulted in a break of 145.07, the Jun 30 high. This confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. MA studies are in a bull mode condition, highlighting an uptrend. The focus is on 147.49, the 2.00 projection of the Jul 14 - 21 - 28 price swing. Support is at 144.24, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.