EURJPY TECHS: Trend Structure Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.97 High Jul 28 and the bull trigger
- PRICE: 173.66 @ 07:08 BST Sep 17
- SUP 1: 172.67/171.56 20- and 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
The trend set-up in EURJPY is unchanged, it remains bullish and sights are on key resistance and the bull trigger at 173.97, the Jul 28 high. Clearance of this level would confirm a continuation of the bull phase. Moving average studies are in a bull-mode position too, highlighting a primary uptrend. Clearance of 173.97 would open 174.86, a Fibonacci projection. Key support to watch lies at the 50-day EMA at 171.56.
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EUROSTOXX50 TECHS: (U5) Testing Resistance
- RES 4: 5575.00 High Mar 3 and a major resistance (cont)
- RES 3: 5568.00 High Mar 6
- RES 2: 5526.00 High Mar 19 / 20 (cont)
- RES 1: 5491.00 Intraday high
- PRICE: 5478.00 @ 06:47BST Aug 18
- SUP 1: 5363.22 20-day EMA
- SUP 2: 5345.89 50-day EMA
- SUP 3: 5280.00 Low Aug 7
- SUP 4: 5249.00 Low Aug 5
A bullish theme in Eurostoxx 50 futures remains intact and the contract is trading at its latest highs. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5345.89, the 50-day EMA.
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EURGBP TECHS: Support Remains Exposed
- RES 4: 0.8769 High Jul 28
- RES 3: 0.8744 High Aug 7
- RES 2: 0.8682 High Aug 8
- RES 1: 0.8654 20-day EMA
- PRICE: 0.8631 @ 06:50 BST Aug 18
- SUP 1: 0.8597 Low Aug 14
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
EURGBP has breached a key support at 0.8611, the Jul 31 low and pierced the 50-day EMA, at 0.8615. A continuation lower would strengthen a bearish threat and highlight a stronger reversal of the uptrend between May 29 and Jul 28. This would open 0.8562, a Fibonacci retracement point. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 0.8769, the Jul 28 high.
