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Price Signal Summary - EURUSD Trend Structure Is Bullish

OUTLOOK
  • In FX, EURUSD has recovered from last week’s low signalling the end of the recent correction. The current trend condition is bullish following a bear channel breakout on May 15 - price cleared the top of a channel drawn from the Dec 28 high. Moving average studies have crossed and are in a bull-mode position, highlighting a rising trend. Sights are on 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Initial firm support to watch lies at 1.0794, the 50-day EMA.
  • The GBPUSD trend condition remains bullish and the pair is trading higher this week. An important retracement point at 1.2754 has been cleared, 76.4% of the Mar 8 - Apr 22 bear leg. This reinforces current bullish conditions and opens 1.2803 next, the Mar 21 high. Initial firm support to watch is 1.2641, the 20-day EMA.
  • USDJPY is holding on to last week’s gains. The pair has managed to breach resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off. A continuation higher would open 157.99, the May 1 high. For bears, a reversal lower would expose 154.14, the 50-day EMA, and 153.21, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat.
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