Forex Trading Library
EUR
$1.07
(-0.57%)
GBP
$1.25
(+0.57%)
AUD
$0.71
(+0.56%)
JPY
$0.01
(-0.25%)
TRY
$0.06
(+1.73%)
INR
$0.01
(+0.04%)
SGD
$0.73
(-0.01%)
MYR
$0.23
(+0.06%)
JOD
$1.43
(-0.57%)
KWD
$3.31
(-0.57%)
SAR
$0.27
(-0.57%)
AED
$0.28
(-0.57%)
QAR
$0.28
(-0.57%)
OMR
$2.64
(-0.57%)
EGP
$0.06
(-0.57%)

Intraday Market Analysis – Dax Consolidates Gains

0 306

EURGBP bounces off Fibonacci level

EURGBP

The euro steadies as ECB’s Lagarde downplays the risk of stagflation. The previous break above 0.8400 prompted sellers to cover, giving the bulls a chance to push back.

After the rebound met selling pressure near February’s high (0.8475), the pullback found support at the 61.8% Fibonacci retracement level (0.8300) where an oversold RSI triggered a buying-the-dips behavior.

0.8410 is the next resistance and its breach could extend the recovery to 0.8475. Otherwise, a show of weakness could send the euro to 0.8250.

XAGUSD looks to bounce higher

XAGUSD

Silver bounces higher as the commodity rush continues. The precious metal met strong buying interest at 24.50 which coincides with the 30-day moving average.

Buyers saw in the oversold RSI an opportunity to stake in. The latest surge above 25.70 at the origin of a previous sell-off is a confirmation that the uptrend is still intact. The recent peak at 26.90 is the next target.

A bullish close could bring in momentum buyers and raise bids towards May 2021’s highs around 28.30. 25.00 is the closest support in case of a fallback.

GER 40 awaits breakout

DE40

The Dax 40 treads water as Ukraine and Russia may resume peace talks. The index rallied above the 30-day moving average as a sign of improved sentiment.

The horizontal action could be an accumulation phase as the bulls look to consolidate their gains. Short-term sentiment would remain upbeat as long as the price action is above 14100. A close above 14590 would extend the rally to the origin of the February sell-off at 15100.

On the downside, a drop below the key support could send the index to 13600.

Have you been testing your strategy on a Demo Account? Sign up now and begin practicing!

Leave A Reply

Your email address will not be published.