Forex Trading Library

Intraday Analysis – EUR Begins to Fightback

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EURUSD hits double bottom
EURUSD: Euro finds double bottom support, aims to lift resistance. Key rebound and correction levels noted

After finding support at a recent double bottom, the Euro hopes to lift a key resistance. The dollar’s dominance first stopped at 1.0670, prompting more sellers to close their positions. 1.0740 on the bullish MA cross is a significant hurdle for the Euro to recapture this month’s losses. Then, a close above 1.0850 at the previous swing high is vital to ease the selling pressure. Otherwise, a correction might send the Euro to 1.0600.

XAGUSD pressured by bearish divergence
XAGUSD: Silver faces bearish divergence, declines below support. Key bear and bull levels highlighted

Silver slips after a long-term bearish divergence, hampering efforts to move to the upside. The precious metal continued declining after invalidating this month’s rebound by breaking below the support 30.00. 28.70 from the previous support is a crucial area where bears could be eager to fade a rebound after sentiment turned downbeat. Conversely, 30.60 looks critical for bulls to turn their attention if price action can return above 31.00.

GER 40 finds bullish trend
GER 40: Dax weakens on poor data, breaks below SMA. Bulls target key levels to regain bullish trend

The Dax weakened as German business climate figures came in lower than expected. A break below the SMA at 18100 of a previous consolidation range has dented the market mood. However, with previous prices moving into a bullish trend, bulls hope a continuation will see a lift above 18400. 18250 is the first hurdle to lift to help the bulls regain confidence before a full swing occurs as prices look to regain the 18700 level.

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