Our intraday forex analysis covers EURUSD Fall, USDCAD, and UK 100, focusing on key support and resistance levels and potential market direction.
EURUSD falls lower
The Euro took a step back after gaining over 200 pips in recent sessions. A move above 1.1800 showed strong bullish intent that the greenback is under increased pressure. However, as the RSI moved away from overbought territory, a bearish divergence ended the bull run.
- 1.1740 becomes the closest support.
- A close below 1.1740 opens the door to a test at 1.1680.
- 1.1810 would reinforce the upward bias and open the door to an extension.
USDCAD collapses lower
The greenback slipped further into the red as the sell-off in the pair continued. Overall sentiment remains downbeat as whispers of a global recession grow.
- A break below 1.3680 will once again catch the eyes of sellers.
- 1.3800 is a key hurdle for bulls to maintain some composure, and its breach could extend gains towards 1.3865.
UK 100 covering the gap
Equities look set to recover in Europe, with investors repositioning as they digest news that the euro bloc might have only six weeks left of jet fuel.
- A fall below this week’s low of 10500 would confirm the pressure as sellers look to double down.
- On the upside, 10700 at the top is a key resistance where new sellers could drive the bids towards 10800.
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