FOREX: Adding to Month-End Models

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• In FX, the trend theme in EURUSD remains bullish and the pullback between Sep 17 - 25, appears corrective. Support to watch lies at 1.1684. the 50-day EMA. It has been pierced, a clear break of this average would signal scope for a deeper retracement and expose 1.1574 initially, the Aug 27 low. For bulls, a clear resumption of gains would refocus attention on 1.1923, a 2.00 projection of Feb 28 - Mar 18-27 swing. Initial firm resistance to watch is 1.1820, the Sep 23 high.
• The bear cycle in GBPUSD that started Sep 17, remains in play and the latest bounce - for now - appears corrective. Recent weakness resulted in a break of a trendline drawn from the Aug 1 low. This undermines a recent bullish theme. Note too that 1.3333, the Sep 3 low and a key support, has been pierced, opening 1.3282 next, the Aug 6 low. Initial key resistance to watch is 1.3537, the Sep 23 high. A break of it would signal a reversal.
• USDJPY continues to weaken as the retracement from last week’s high print extends. The move down - for now - appears corrective. However, support at 147.60, the 50-day EMA, has been pierced. A clear break of it would expose pivot support at 145.49, the Sep 17 low. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would signal scope for a climb towards key resistance at 150.92, Aug 1 high.

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