Intraday analysis covering EURGBP, XAUUSD , and US 30 fighting back, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
EURGBP slides lower
The pair hit another swing low as price action remains choppy.
- The pound’s attempt to break 0.8670 showed strong selling interest as the pair lost over 50 pips.
- A bearish continuation would send the pair towards 0.8630, where a breach could open the door to an extended rally.
- As the RSI takes a break towards the oversold area, 0.8730 is the first target in case of a retracement.
XAUUSD finds support
Gold inches higher amid heightened global tensions, as traders support the yellow metal.
- The price is pushing toward another fresh peak, but it will need to break 4570 to continue higher.
- Any correction is likely to be driven by profit-taking, with 4500 being a critical bottom.
- 4640 is the target ahead in case of a bounce, as price action remains indecisive.
US 30 fighting back
The Dow spiked higher as traders attempted to ignore the recent AI and tech sell-off. A move away from 49000 has prompted short-term sellers to trim their exposure.
- Sentiment remains upbeat, as a few big players in the earnings zone could propel the Dow.
- The index is now testing 49800 as the comeback from the recent sell-off continues.
- Any sort of retracement will need to break 49300 first.
- Otherwise, a bullish continuation could lead the price back towards 50200.
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