EURJPY stuck in consolidation
The EURJPY remains indecisive after the recent downturn, with price action remaining consolidated.
- The pair seems stuck after bouncing below 176.00, and the directional bias on EURJPY will remain downwards if the quote moves under 175.25.
- Sellers could cover some positions, but the pair’s avoidance of a drop lower would suggest buyers remain in the game.
- A close back above 176.50 could bring EURJPY to the recent peak of 178.00 and a step closer to a bullish continuation.
XAGUSD finds support
Silver moves further away from its recent peak as sellers eye a market correction.
- The price is hovering above the daily double bottom of 53.00, which is a critical floor to keep the precious metal afloat.
- A bounce above 54.50 would ease the pressure by flushing out short-term selling interest.
- The next step is important in shaping a potential recovery.
- Breaking above 54.50 could extend the recovery towards 58.00.
GER 40 slides lower
The Dax continues its rally as indices and stocks bounced higher in the eurozone.
- The latest move above 25400 indicates a continuation could be on the horizon.
- However, a break below 25400 would stir up volatility, leaving buyers to scramble for the exit.
- 25100 at the base of the latest bounce is a firm support.
- The former resistance of 25700 is the target to the upside as the RSI progresses out of the neutral area.
