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TECHS: Price Signal Summary - EURGBP Corrective Bounce

MARKET INSIGHT
  • E-mini S&P futures are softer this morning however the underlying uptrend remains intact. This follows this week's breach of resistance at 3824.50, Jan 8 high that opens 3900.00 next. Key s/t trend support is 3740.50.
  • In FX, EURGBP remains bearish but is firmer today. This week's key development has been the breach of 0.8867 and 0.8861, the Nov 23 and Nov 11 lows. Resistance to watch is 0.8925, Jan 18 high
  • EURUSD maintains a bearish short-term theme despite this week's recovery. Levels to watch are:
    • Support at 1.2054, Jan 18 low and trigger for 1.2011, Sep 1 high.
    • Resistance is at 1.2230, Jan 11 high.
  • USDJPY remains below the bear channel top drawn off the Mar 24 high that intersects at 104.06 today. A break is required to signal a reversal.
    • This week's move lower has exposed 103.28 and 103.02, 61.8% and 76.4 % of the Jan 6 - 11 rally.
  • On the commodity front, Gold is firmer and Wednesday's rally signals a potential reversal of the recent Jan 6 - 18 sell-off. Price has tested the 20- and 50-day EMAs where a clear break would open $1900.3, 76.4% of the Jan 6 - 11 rally. Clearance of support at $1832.6, Jan 20 low would expose recent lows. Oil contracts remain above support. Brent (H1) support to watch is at $53.97, the 20-day EMA and WTI (H1) support is $51.81, Jan 19 low.
  • In the FI space:
    • Key support is Bunds (H1) is 176.34, Jan 12 low.
    • Gilts (H1) resistance is 134.50/62, the 20- and 50-day EMAs. The outlook is bearish below this zone.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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