XAGUSD bounces off resistance
The silver price is stepping back from its recent peakas it bears an eye on a correction in the market. The price is hovering above the daily double bottom of 31.00, which is a critical floor for keeping the precious metal afloat. A bounce above 31.60 would ease the pressure by flushing out short-term selling interests. The next step is essential in shaping a potential recovery. 30.50 is the first support to keep the momentum going as the RSI slides lower.
EURJPY attempts to recover
The Euro pulled back after last week’s drop towards the 158.00 region. On the chart, the pair is consolidating after bouncing above 160.00, and the directional bias will remain to the upside if the quote moves above 160.60. This would prompt sellers to cover some of their positions and, with the pair avoiding dropping below 158.00, suggests that the bulls are back in the game. A close back above 161.50 could bring the pair to the recent peak of 163.00, a step closer to a bullish continuation.
GER 40 slides lower
The Dax dropped off its recent top as euro indices fell. The latest move from 19400 indicates a new round of sell-offs. A break below 19000 would force several bulls to close out, stirring up volatility as they scramble for the exit. The level of 18800 could be the last stop before a further drop would take shape, with 18350 as an intermediate target. The former resistance of 19400 is the target to the upside as the RSI went oversold.
