US 30 begins to pull lower
The Dow Jones slid as traders failed to maintain the recent record high. A fall below 43000 has invalidated another peak, putting those who bought the recent dips under pressure. A new round of selling might send the index to the double bottom at 42250, which is a critical floor to maintain the upward trajectory. The support-turned-resistance of 42850 is the first obstacle to clear to turn things around.
USDCAD tries to stabilise
The greenback gave away some of its previous gains after halting the October rally. The pullback saw heavy resistance at 1.3800. However, a close back above this level would help bulls regain control and send the pair above 1.3870. In the meantime, short-term sentiment remains cautious after a loss of momentum, which could attract more sellers, especially if buyers throw in the towel. 1.3710 is a crucial support to keep the greenback from losing more ground.
EURGBP pops higher after inflation data
The pound heads lower as inflation drops more than expected. On the chart, the euro’s break above 0.8360 indicates a strong comeback after a month-long correction. Offers around September’s high of 0.8460 are the last significant hurdle, and a bullish breakout would pave the way for a sustained recovery above 0.8550. On the downside, 0.8320 is a fresh support in case of a reversal to the fundamental news as the RSI moves towards the overbought area.
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