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Price Signal Summary - EURUSD Uptrend Extends

OUTLOOK
  • In FX, EURUSD traded higher Wednesday and in the process confirmed a resumption of the primary uptrend - resistance at 1.0929, the Jan 26 high, has been cleared. This maintains the bullish price sequence of higher highs and higher lows and clears the way for a climb towards 1.1054, the 1.236 projection of the Oct 13 -27 rally from the Jan 6 low. Moving average studies remain in a bull-mode position. Key short-term support lies at 1.0802, the Jan 31 low.
  • GBPUSD is trading in a range and remains below its recent highs. The 4-month uptrend is intact - moving average studies are in a bull-mode position and this reflects positive market sentiment. Price has recently pierced 1.2446, the Dec 14 high. A clear break of this level would confirm a resumption of the uptrend and open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. Initial firm support to watch is 1.2264, the Jan 24 low.
  • USDJPY drifted lower Wednesday. The trend outlook remains bearish and the pair continues to trade below the key short-term resistance at 131.58, the Jan 18 high. Initial resistance is seen at the 20-day EMA, at 130.42. A continuation lower and a break of 127.23, the Jan 16 low and bear trigger, would open 126.81, a Fibonacci projection. For bulls, clearance of 131.58 would be a positive development and signal a short-term reversal.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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