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Price Signal Summary - Gains In EURUSD Strengthens A Bullish Theme

OUTLOOK
  • In FX, EURUSD traded higher Wednesday resulting in a break of Monday’s 1.0776 high. Note that price is also through an important resistance at 1.0771, the 50-day EMA. A clear break of this EMA undermines the recent bearish theme and signals scope for a recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. For bears, a resumption of weakness would refocus attention on the bear trigger at 1.0666, Jun 26 low.
  • GBPUSD traded higher Wednesday, extending the recovery from Tuesday's low. The bounce undermines the recent bearish theme and highlights a potential short-term reversal. Resistance at 1.2740, the Jun 19 high, has also been cleared. A break of this hurdle is a bullish development and opens 1.2860, the Jun 12 high and the key resistance. Key support has been defined at 1.2613, the Jun 27 low. A break would resume the recent bear leg.
  • The trend in USDJPY remains bullish. The breach of key resistance at 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and the bullish follow through since, reinforces current conditions. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, 1.764 projection of the May 3 - 14 - 16 price swing. Support to watch is at the 20-day EMA, at 159.32.
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