Forex Trading Library

Intraday Market Analysis – EUR seeks support

0 333

EURUSD falls back

The euro retreats over muted GDP growth in the eurozone. The price action is hovering around parity in an attempt to hold onto its recent gains, a sign of the bulls’ strong attachment to this symbolic level. The selling pressure has waned after the pair closed above 0.9990, which could shift short-term bias to the upside. 0.9850 next to the MA cross on the daily chart is an area of congestion. A bounce above 1.0010 might resume the recovery towards September’s high at 1.0180. 0.9710 is the bulls’ second line of defence.

XAGUSD grinds support

Silver slips as the dollar index recoups recent losses. The price has stabilised over the daily support and psychological level of 18.00. A series of higher highs led sellers to cover their positions. The market is in a post-swing consolidation until a breakout on either side lifts momentum once again. 19.60 is the immediate resistance and its breach could carry the precious metal to the previous peak around 20.80. 18.80 is a fresh support and the zone between 18.00 and 18.30 is a critical floor to keep the current rebound intact.

US 30 tests resistance

The Dow Jones 30 inches higher as investors await the Fed’s policy meeting. A short squeeze above the September high at 32600 has put the bears on the defensive. Heightened volatility shows that wrong-footed traders were looking to bail out. As the index climbs back towards August’s high, 33100 at the origin of a previous sell-off is the next hurdle. The RSI’s overbought condition may trigger profit-taking and a pullback from this demand-turned-supply area. 31900 is the first level to gauge the strength of follow-up bids.

Test your strategy on how the euro will fare with Orbex - Open your account now. 

Leave A Reply

Your email address will not be published.