EURUSD keeps high ground
The US dollar stays under pressure as traders adjust to the end of the Fed’s hike cycle. The euro has its way unobstructed after it broke above May’s peak of 1.1080. The pair has reached a near 17-month high at 1.1250 and the RSI’s repeatedly overbought condition may cause some profit-taking, temporarily driving the quote lower. As sentiment is overwhelmingly bullish, trend followers would look to jump in at the next pullback. 1.1130 is the first support and 1.0980 on the 20-day SMA a key level to keep momentum intact.
XAGUSD consolidates gains
Silver jumps as a weaker US dollar boosts demand for precious metals. A surge above June’s high of 24.50 is a sign of a strong buying pressure, carrying the price to the psychological level of 25.00 which coincides with a former support from a sell-off back in mid-May. The bulls may need to catch their breath after the RSI shot again into the overbought zone. 24.20 is the first level to expect follow-up bids. A close back above 25.00 would flush out the remaining selling interests and open the door to this year’s high of 26.00.
GER 40 hits resistance
The Dax 40 consolidates gains as risk appetite grows amid easing US inflation. The price has clawed back the losses from earlier this month and is testing the daily resistance of 16200. A bullish breakout would put the bulls back in the driver’s seat and send the index to its recent all-time high of 16420, paving the way for a bullish continuation in the medium-term. The round number of 16000 is the closest level to see if there are enough buyers to cause a rebound. Further down, 15800 would be a second level of support.
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