Intraday analysis covering EURUSD, XAGUSD grinding higher, and UK 100, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
EURUSD seeking support
The US dollar continued to lose ground against its main rival as prices surged to another peak.
- A decisive break above 1.1760 has kept the pair afloat, and a bullish extension could send prices above 1.1800 in the upcoming days.
- With the RSI in a double dip at the overbought area, it could signal a slowdown in momentum.
- A break below 1.1720 could trigger another swing lower to test 1.1640.
XAGUSD grinding higher
Silver maintains its rally to the upside, hitting a multi-week high. While sentiment has become extremely bullish after a stellar rise, the RSI’s recent bearish divergence could give sellers some room to breathe.
- The price now consolidates around the 81.50 level, after some resistance halted the momentum.
- A drop below 80.00 would suggest a lack of immediate follow-through, leading to a potential correction.
- 77.00 would be a crucial floor to hold.
UK 100 tests key support
The FTSE continues its sideways movement after failing to close above 10300. On the chart, after hitting a bottom at 10160, the index is rebounding higher.
- A bullish outcome could expose the recent peak at 10540, potentially leading to a continuation in the near term.
- On the downside, 10160 is the first support, while 10000 would be the bulls’ second line of defence.
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