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Price Signal Summary - Key Short-Term Support In EURUSD Remains Intact

OUTLOOK
  • In FX, EURUSD traded higher Wednesday and breached resistance at 1.1076, the Apr 1 2022 high and recent Apr 14 high. This reinforces bullish conditions and confirms a resumption of the primary uptrend and opens 1.1127,1.00 projection of the Mar 15 - 23 - 24 price swing. Note that moving average studies are in a bull-mode condition highlighting a rising trend. On the downside, key short-term support is unchanged at the 20-day EMA which intersects at 1.0941.
  • The primary trend direction in GBPUSD remains up and sights are on 1.2546, the Apr 14 high and bull trigger. Clearance of this level would resume the uptrend for 1.2599, the Jun 7 2022 high. Moving average studies are in a bull mode position, highlighting an uptrend. Support to watch is at the 20-day EMA, at 1.2405. The average has been pierced, a clear break is required to suggest scope for a deeper correction towards 1.2291, the 50-day EMA.
  • USDJPY traded lower Wednesday and in the process pierced support at the 20-day EMA which intersects at 133.52. The extension lower suggests scope for a continuation and attention turns to a more important support at 132.02, the Apr 13 low. Clearance of this level would strengthen bearish conditions. Key short-term resistance is at 135.13, Apr 19 high, where a break is required to reinstate the recent bullish theme.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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