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Price Signal Summary - Key EURUSD Resistance Remains Intact

OUTLOOK
  • In FX, EURUSD is firmer today but remains below Tuesday’s high. The outlook is bearish and short-term gains are considered corrective. The move lower last week has reinforced a bearish theme - the Oct 24 price pattern is a bearish engulfing candle, a strong reversal signal. A resumption of weakness would open 1.0496, the Oct 13 low. The key support and bear trigger lies at 1.0448, Oct 3 low. 1.0694, the Oct 24 high, is key resistance.
  • The GBPUSD trend outlook is bearish and attention is on 1.2037, Oct 4 low and bear trigger. Clearance of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, a break of 1.2337, the Oct 11 high, is required to signal scope for a stronger corrective cycle and highlight a short-term base.
  • USDJPY traded sharply higher Tuesday and bullish conditions remain intact. The latest pullback is likely a correction. The pair has cleared 150.78, the Oct 26 high. This confirms a resumption of the uptrend and paves the way for a climb towards 152.20 next, the 3.00 projection of the Jul 14 - 21 - 28 price swing. Moving average studies are in a bull-mode position, reflecting the market's positive sentiment. Firm support lies at the 50-day EMA, at 148.28.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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