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Price Signal Summary - Key EURUSD Resistance Is At The 50-Day EMA

OUTLOOK
  • In FX, EURUSD traded higher Thursday and pierced initial resistance at 1.0779, the Jun 2 high. A clear breach of this level would improve S/T conditions for bulls and highlight a potential bottoming of the bear trend - allowing for a stronger correction. This would expose resistance at the 50-day EMA, at 1.0817. A clear break of this EMA would also strengthen a bullish case. A reversal lower would refocus attention on 1.0635, the May 31 and bear trigger.
  • GBPUSD bounced sharply Thursday. Resistance at 1.2545, the Jun 2 high, has been cleared, signalling scope for a continuation higher near-term. The break exposes resistance at 1.2592, 50.0% of the Mar 8 - May 10 bull run. If this level is cleared, attention would turn to key resistance at 1.2680, the May 10 high and a bull trigger. Initial firm support has been defined at 1.2369, the Jun 5 low. A breach would be bearish.
  • The trend condition in USDJPY remains bullish. The pair is trading just ahead of key resistance at the top of a bull channel drawn from the Jan 16 low. The line intersects at 141.21. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal lower would highlight a potential top plus signal scope for a deeper pullback. Key support to watch is 138.64, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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