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Price Signal Summary - EURUSD Trend Outlook Remains Bearish

OUTLOOK
  • In FX, EURUSD gains stalled at 1.0694 yesterday, resulting in a strong reversal. The pair is trading lower today and has retraced this week’s early gains. This reinforces a bearish theme and suggests that recent gains have been a correction. A continuation lower signal scope for 1.0496, the Oct 13 low. The key support and bear trigger lies at 1.0448, the Oct 3 low. Key short-term resistance and the bull trigger is at 1.0694, the Oct 24 high.
  • GBPUSD faced resistance Tuesday and has reversed this week’s climb. For now, short-term gains are considered corrective and the trend is bearish. A continuation lower would open 1.2037, the Oct 4 low and bear trigger. A break of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, clearance of 1.2337, the Oct 11 high, would signal scope for a stronger corrective cycle.
  • USDJPY is unchanged and continues to trade inside a tight range. The trend condition is bullish and the pair is trading closer to its recent highs. Furthermore, moving average studies continue to highlight positive market sentiment. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. Key support to watch is 147.43, the Oct 3 low. Initial support lies at 149.28, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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