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Price Signal Summary - EURUSD Uptrend Remains Intact

OUTLOOK
  • In FX, EURUSD traded lower Tuesday and pierced support at 1.0942, the Apr 26 low. A continuation lower and a clear break of 1.0942 would signal scope for a deeper correction and open 1.0890, the 50-day EMA. The uptrend remains intact and a resumption of gains would refocus attention on 1.1095, the Apr 26 high and a bull trigger. A break of this level would resume the uptrend and open 1.1127,1.00 projection of the Mar 15 - 23 - 24 price swing.
  • The trend outlook in GBPUSD remains bullish and the pair is trading closer to its recent highs. Fresh cycle highs maintain the bullish price sequence of higher highs and higher lows. The focus is on 1.2767 next, 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend. Moving average studies remain in a bull mode set-up and this highlights a clear uptrend. Support to watch is at the 20-day EMA, which intersects at 1.2504.
  • USDJPY short-term conditions appear bearish despite the latest recovery. Recent weakness resulted in a break of the 20-day EMA and price pierced support at the 50-day EMA which intersects at 134.00. A clear breach of this EMA would undermine the recent bullish theme and signal scope for a deeper pullback. Initial resistance is at 135.64, the 50.0% retracement of the May 2 - 4 bear leg. Firm resistance is at 136.63, the May 3 high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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