Intraday analysis covering GBPUSD, EURJPY continues to climb, and GER 40, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
GBPUSD searching for a top
Cable remains tentative as traders digest the latest news from the White House. The latest move has meant that price action has managed to stay above the mid-1.34 area, which suggests that the bias remains bullish.
- A surge above the recent high of 1.3500 would resume the upward trajectory, making 1.3570 the next threshold.
- As the RSI develops a bearish divergence, 1.3420 is a target for bears to turn things around.
- 1.3350 is a critical floor if a sell off begins.
EURJPY continues to climb
The Japanese yen extended losses after another price rally.
- The latest surge has propelled the pair to another high above 185.00, which could keep the yen pressured for a prolonged period.
- With the RSI firmly overbought, sellers could see a pullback opportunity.
- 185.30 is the closest resistance, with 186.00 the final target higher.
- 183.70 could prevent a deep correction if price action turns around.
GER 40 cruising higher
The Dax continues its climb amid upbeat news on peace talks, boosting global indices.
- A tentative break below 25200 could cause some profit-taking, but not enough to spook most buyers.
- A follow-up rebound has lifted bids towards 25400, prompting sellers to cover their positions ahead of a bullish continuation.
- 25700 is the next level to clear to break the previous swing high.
- On the downside, 24400 is the first support.
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