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Price Signal Summary - Fresh Trend High In EURUSD

OUTLOOK
  • In FX, the trend condition in {EU} EURUSD remains bullish. The pair traded to a fresh trend high last week and again today, extending the current bull phase. Resistance at 1.1008, the Aug 5 high, has been cleared and this confirms a resumption of the uptrend. Sights are on 1.1084, the Dec 29 ‘23 high. Note moving average studies remain in a bull-mode set-up, highlighting a rising trend condition. Initial support to watch lies at 1.0921, the 20-day EMA.
  • GBPUSD has started the week on a firmer note, trading higher and extending the current bull cycle. The rally since Aug 8, undermines the recent bearish theme and price has traded above the 20-day EMA. A continuation higher would highlight a stronger reversal. 1.2955, 76.4% of the Jul 17 - Aug 8 bear leg, has been pierced. A clear break would open 1.3044, the Jul 17 and bull trigger. Initial firm support lies at 1.2824, the 20-day EMA.
  • USDJPY has pulled back from last week’s high and price has remained below resistance at the 20-day EMA. The trend direction remains down and recent gains appear to have been a correction. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend. Resistance to watch is 149.77, the 20-day EMA.
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