Forex Trading Library

Intraday Analysis – EUR Looks to Close the Gap

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US30 fails to recapture recent high
US30 Chart: The Dow Jones 30 stabilizes, with key resistance and support levels in focus.

The Dow Jones 30 steadies as traders await more news of a jump in tech stocks. A close above the daily resistance of 39000 would help bulls regain control of the direction, with a bullish MA cross supporting the recovery. A move past 39600 would bring the index to the new supply area, with the index gearing up for another attempt at a record high. The recent dip at 38200 is the first support, and 37800 is the bulls’ second layer of defence.

EURUSD sees a limited pullback
EURUSD Chart: EURUSD faces resistance, aiming to close the recent gap.

The euro retreated after failing to break back above the recent gap, which saw prices crash through the 1.0800 level. The pair is grinding the support-turned-resistance of 1.0740 as the RSI bounces away from the oversold region. Further resistance here would send the euro to 1.0660 over the rising trend line where follow-up interest could be expected. A successful bounce and a close above 1.0780 would fill the recent gap and push the pair towards 1.0900.

NZDUSD tests critical support area
NZDUSD Chart: NZDUSD tests key support, eyeing a potential bullish move.

The New Zealand dollar slips as the greenback maintains its dominance across the board. The price falls towards the previous swing low at 0.6100, which, if broken, opens another 100 pips drop. Still, higher lows could indicate bullish pressure building up over the past few weeks. A decisive break above 0.6160 would force the remaining sellers out and open the door to the significant daily resistance of 0.6210.

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