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TECHS: Price Signal Summary - Shooting Star Candle In EURUSD

MARKET INSIGHT
  • Equity indices outlook is unchanged and bullish, E-mini S&P futures target the psychological 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 is softer this morning. Yesterday's candle pattern - a shooting star formation is a concern for bulls. Support to watch lies at 1.2020, the Feb 8 low. The key support to watch in the USD Index is 90.05, Jan 21 low. This level remains intact and is still a key pivot point. A break would negate the recent reversal pattern - an inverted head and shoulders. USDJPY key resistance at 105.77, Feb 5 high has been cleared and the uptrend from Feb 10 has resumed. The focus is on 106.26 next, 1.50 projection of Jan 6 / 11 / 21 price swing EURGBP outlook remains bearish and has traded below 0.8700. Scope is seen for weakness towards 0.8671, Apr 30 low, 2020.
  • On the commodity front, Gold has probed support at $1785.0, Feb 4 low. A clear break would confirm a resumption of the downtrend that started Jan 6 and open $1764.8, Nov 30 low. Oil contracts remain firm. Brent (J1) targets $64.58, Jan 22 high, 2020 (cont). WTI (H1) bulls eye $61.11, 1.500 projection of Apr - Aug rally from the Nov 2 low
  • In the FI space, Bunds (H1) have found support today but the trend remains down and gains are considered corrective. Resistance is seen at 175.45, Dec 16 high. Gilts (H1) remain in a downtrend and gains are also considered corrective. Resistance is seen at 131.49, Feb 16 high. Initial resistance in Treasuries is seen at 136-01, Jan 12 low. The trend remains down.
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