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Price Signal Summary - EURUSD Trend Structure Remains Bearish

OUTLOOK
  • In FX, EURUSD traded lower Wednesday. The trend condition remains bearish and the reversal lower from 1.0640, Oct 12 high, suggests the end of the recent corrective cycle. The focus is on 1.0448, the Oct 3 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 1.0406, 50.0% of the Sep ‘22 - Jul ‘23 bull leg. On the upside, a break of 1.0640, the Oct 12 high, would instead signal scope for a stronger correction.
  • GBPUSD maintains a weaker tone. The reversal from last week’s highs signals the end of the recent corrective phase and a continuation lower would refocus attention on support and the bear trigger at 1.2037, Oct 4 low. Clearance of this level would confirm a resumption of the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, a break of 1.2337, the Oct 11 high, would signal scope for a stronger corrective phase. Initial resistance is at 1.2235, the 20-day EMA.
  • USDJPY is unchanged and continues to trade just below its recent trend highs. The outlook is bullish and Wednesday’s short-lived pullback found support at the 20-day EMA. 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. On the downside, a breach of 147.43, Oct 3 low, would be an important bearish development.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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