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Price Signal Summary - EURUSD Trend Needle Still Points North

OUTLOOK
  • In FX, EURUSD trend signals remain bullish and recent weakness appears to be a correction. Price is trading above 1.0913, the 20-day EMA and moving average studies are in a bull mode position, highlighting an uptrend. The bull trigger is unchanged at 1.1076, Apr 14 high, a break would open 1.1127, a Fibonacci projection and 1.1185, Mar 31 2022 high. On the downside, clearance of the 20-day EMA would signal scope for a deeper retracement.
  • The GBPUSD is in consolidation mode. The uptrend remains intact and price is trading above support at 1.2387, the 20-day EMA. The average was pierced last week, a clear breach of it would signal scope for a deeper correction. On the upside, a resumption of gains would refocus attention on 1.2546, the Apr 14 high, where a break would resume the uptrend for 1.2599, the Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, Apr 10 low.
  • The USDJPY needle still points north. Resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg, was breached last week. This has strengthened the current bull cycle and signals scope for a continuation higher towards 135.96 next, the 76.4% retracement point. Initial firm support lies at 133.40, the 20-day EMA. Key short-term support is at 132.02, Apr 13 low. A break would be bearish.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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