Our intraday forex analysis covers EURGBP, XAUUSD hitting support, and SPX 500, focusing on key support and resistance levels and potential market direction.
EURGBP hits lower high
The Euro remains in a descending channel as prices attempt to break free. The pair has bounced off this month’s low around 0.8690, and a surge above the key area of 0.8710 prompted sellers to cover positions, easing the downward pressure.
- As the RSI creeps into overbought territory, the next step is to see whether a pullback ensues.
- A close above 0.8740 would attract more momentum and buyers.
- Otherwise, bulls would look at 0.8690 as the first support.
XAUUSD hitting support
Gold kept its composure after opening today’s session with another gap lower. The RSI’s double top in the overbought area suggests that a bounce lower is likely.
- 4780 is fresh support as a recent bounce looks to test the 4880 area.
- Further down, 4500 would be the bulls’ second layer of defence.
- A pop above 4920 would resume the climb towards 5000 and prevent a deeper correction.
SPX 500 maintains bullish rhetoric
The S&P remains elevated, with hopes of continued peace talks between Iran and the U.S. Price action has stabilised, with the index hitting a top around 7150.
- With a pullback expected when the American market opens, this could prompt bulls to shift their attention below the 7000 level.
- With the RSI majorly overbought, 6620 is a key support to prevent a rapid downturn.
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