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TECHS: Price Signal Summary - Bearish Engulfing Candle In EURJPY

MARKET INSIGHT
  • Equity indices outlook is unchanged and bullish, {US} E-mini S&P futures still target the 4000.00 handle.
    • An initial objective is at 3988.40, 2.236 projection of the Sep 24 - Oct 12 - Oct 30 price swing last year.
  • In the FX space, EURUSD traded lower yesterday. Tuesday's candle pattern, a shooting star formation, has defined a short-term top at 1.2169, Feb 16 high. Support to watch lies at 1.2020, Feb 8 low. EURJPY also appears to have defined a short-term top at yesterday's 128.46 high. A bearish engulfing candle yesterday suggests a corrective pullback is likely near-term. The next support is at 127.04, Feb 15 low. EURGBP downside extends with 0.8700 cleared. The April 2020 low has been breached, this opens 0.8646 next, the March 6, 2020 low.
  • On the commodity front, Gold has cleared support at $1785.0, Feb 4 low. This confirms a resumption of the downtrend that started Jan 6 and opens $1764.8, Nov 30 low. Oil contracts remain firm. Brent (J1) targets $65.88 - 1.764 projection of the Apr - Aug - Nov 2020 price swing. WTI (H1) targets $63.17 - 1.618 projection of the Apr - Aug rally from the Nov 2 low.
  • In the FI space, Bunds (H1) are likely to remain heavy. The focus is on 174.06, 2.00 projection of the Jan 4 - 12 sell-off from the Jan 27 high. Gilts (H1) remain in a downtrend and scope is for a move to 130.49, 2.764 projection of the Dec 11 - 24 sell-off from the Jan 4 high.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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