* IPT: MS+190 * FV: MS+155 - directly on the interpolated line between ACAFP 5.5% 2033 (adjusted d...
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Eurostoxx 50 futures are holding on to their recent gains and a bull cycle remains in play. Last week’s gains marked a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. The focus is on 5381.13 next, a Fibonacci projection. Initial firm support to watch lies at 5211.11, the 20-day EMA. The 50-day EMA is at 5094.95.
A bearish theme in USDJPY remains intact and last week’s move down reinforces current conditions. 151.06, 76.4% of the Dec 3 - Jan 10 bull leg, has been pierced. A clear break of it would open 149.69, the Dec 9 low. Firm resistance is seen at 154.70, the 50-day EMA. Note that the pair has entered oversold territory. A recovery would be considered corrective and would allow the oversold condition to unwind.
EURGBP gains last week appear to have undermined a recent bearish threat, however, the pullback from last Thursday’s high does highlight a developing bearish threat, once again. 0.8378, the Jan 6 high, has been defined as a ley short-term resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a continuation lower would open 0.8248, the Feb 3 low and bear trigger.