The trend condition in EURJPY remains bullish and this is reinforced by the fact that the cross - for now - remains above key support at 163.57 - a trendline drawn from the Dec 7 ‘23 low. This line has again been pierced today. A clear break of it is required to signal a short-term reversal and this would also highlight a break of the 50-day EMA, at 162.95. For bulls, key resistance is unchanged at 165.35, the Mar 20 high.
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EURGBP remains in consolidation mode. The trend direction is down and moving average studies remain in a bear-mode position, highlighting a bear cycle with sights on key support at 0.8493, Aug 23 low. Clearance of this level would resume the trend and signal scope for 0.8454, a Fibonacci retracement. For bulls, key resistance is at 0.8578, the Feb 20 high. A breach of this level would highlight a range break out and a reversal.
A downtrend in Schatz futures remains intact and the latest pullback reinforces this theme. The move lower refocuses attention on key short-term support and the bear trigger at 105.490, the Feb 29 low. A break of this level would confirm a resumption of the downtrend that started in December last year. For bulls, a reversal higher would open 106.010, the Mar 8 high, where a break is required to resume a bullish corrective phase.
GBPUSD traded lower Tuesday before recovering from the session low. The recent move down from 1.2894, Mar 8 high, appears to be a correction, however, the pair has pierced support at 1.2686, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, Mar 1 low. Key resistance is at 1.2894. A break of it would resume the uptrend. First resistance is seen at 1.2759, the Mar 15 high.