Intraday analysis covering EURUSD, AUDUSD breaks higher, and UK100, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
EURUSD hits support
The Euro looks to claw back losses after sentiment shifted again across the market. Prices remain resilient after a bounce at the 1.1610 area.
- A drop below the said support zone would open the door to weekly lows towards 1.1540.
- With the RSI moving into neutral territory, 1.1660 is likely to be tested as the next target.
- The recent high of 1.1740 is the key hurdle for bulls to overcome before they can regain control.
AUDUSD breaks higher
The Australian Dollar follows a similar pattern to the EURUSD pair, as price action finally finds support.
- Bulls will need to clear 0.7200 before a meaningful bull run can take shape.
- A drop below 0.7130 will signal little commitment and could lead to broader liquidation below 0.7050.
- 0.7260 at the top of the market is a fresh resistance as the RSI attempts to recover to the neutral zone.
UK 100 bulls remain in the market
The FTSE 100 maintained its potential comeback after dropping over 500 points in recent sessions. The current rally has put the index on track to test this month’s high.
- A continuation could signal a move to a new fresh high above 10400.
- However, bulls would need to catch their breath and consolidate their gains above 10250.
- Any signs of a pullback will need a break of 10150, with a deeper correction testing the psychological level of 10000.
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