EURGBP TECHS: Monitoring Resistance

• RES 4: 120.55 1.236 proj of the May 18 - 29 - Jun 10 price swing 
• RES 3: 120.00 Round number resistance
• RES 2: 119.81 1.000 proj of the May 18 - 29 - Jun 10 price swing
• RES 1: 119.18 High Jun 18
• PRICE: 118.81 @ Close Jun 22
• SUP 1: 118.08/116.66 20-day EMA / Low Jun 10       
• SUP 2: 116.09 Low May 20
• SUP 3: 115.68 Low May 18 and a key short-term support 
• SUP 4: 115.19 Low Apr 7

A short-term bull cycle in BTP futures remains in play and for now, the latest pullback appears corrective. A key resistance at 118.83, the May 29 high has recently been pierced. A clear break of this level would strengthen the bull theme and open 119.81, a Fibonacci projection. Initial key support to watch lies at 116.66, the Jun 10 low. A stronger sell-off and a breach of this support would highlight a possible reversal.

• RES 4: 163.59 2.000 proj of the Jan 27 - Feb 9 - Feb 12 price swing
• RES 3: 163.00 Round number resistance
• RES 2: 162.28 1.764 proj of the Jan 27 - Feb 9 - Feb 12 price swing
• RES 1: 161.95 High Jul 3 ’24 and a major resistance
• PRICE: 161.66 @ 07:07 BST Jun 23
• SUP 1: 160.99 Low Jun 19 
• SUP 2: 160.27 20-day EMA 
• SUP 3: 159.43 50-day EMA 
• SUP 4: 158.74 Low May 25 

Bullish conditions in USDJPY remain intact and for now, the pair is trading just below Monday’s high. Recent gains resulted in a breach of 160.72, the Apr 30 high, to confirm a resumption of the uptrend. This paves the way for an extension towards 161.95 next, the Jul 3 ‘24 major high. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Key support is seen around the 50-day EMA, currently at 159.43.

• RES 4: 6484.00 2000 proj of the May 4 - 6 - 18 price swing   
• RES 3: 6426.00 Top of a bull channel drawn from the May 18 low 
• RES 2: 6400.00 Round number resistance
• RES 1: 6380.00 High Jun 18
• PRICE: 6298.00 @ 06:44 BST Jun 23
• SUP 1: 6184.35 20-day EMA     
• SUP 2: 6047.65 50-day EMA 
• SUP 3: 5986.00 Low Jun 11 
• SUP 4: 5844.00 Low May 20

Trend signals in EUROSTOXX 50 futures remain bullish, highlighted by moving average studies that are in a bull-mode position. Also, the pair is holding on to the bulk of its recent gains. Key short-term resistance at 6174.00, the May 25 high, has been breached. This confirmed a resumption of the primary uptrend and sights are on the 6400.00 handle next. Firm support lies at 6047.65, the 50-day EMA.