Eurodollar Weakness Persists

  • 25 Mar 2021


The USD/JPY pair continues to test the 108.89 price level after several spikes in buying activity have failed to result in a break. Despite fading along the resistance level, buyers appear to still have the appetite to drive price action higher. Momentum indicators have downward trajectories.






The GBPUSD pair has pulled back to the ascending trendline after a break of the 1.380 support level. The rise in bearish sentiment in recent trading may form a reversal of the previous rally that has been established since mid-September 2020. Momentum indicators have downward trajectories.  







The Eurodollar has moved lower once again, generating a break of the 1.184 support level. A recent price low exists at the 1.160 price line. A bearish bias has resulted in the formation of a downtrend since December 2020. Momentum indicators remain in bearish territory. 






XAUUSD is testing the descending trendline where price action has gathered for the last 5 trading sessions. Currently there is very little appetite from buyers or sellers to drive price action. Momentum indicators have upward trajectories.






The USOUSD has broken the 59.28 support level as well as the descending trendline. Yet, the break was short-lived, as buyers immediately returned to take price action back towards the $60 per barrel range. Momentum indicators have sharp downward trajectories.






The HK50 has sunk below the 28,328 price level after breaking the ascending trendline. The break cements the switch to a bearish bias and price action may now head towards the 25,942 support level. Momentum indicators have moved into bearish territory.






JP225 price action has moved below the 28,825 support level, as the index returns to a previous range between the 27,596 and 28,825 price levels. The question is whether there is enough conviction behind the move to establish a downtrend. Momentum indicators have moved into bearish territory.


































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