Bulls failed to sustain their upbeat tone. They gave up their gains right after touching 1.2050. The price sharply dropped after that to 1.1950. The resistance resides at 1.2000, the support comes in at 1.1950.
We are still positive and consider the current decline corrective. We will wait until the correction is over to buy the spot towards 1.2100.
The buying momentum lost steam around 1.2970. The pound buyers retreated after that giving the way to sellers. Sellers pushed the major to 1.2900. The current decline we consider corrective based on profit-taking. The resistance lies at 1.3000, the support comes in at 1.2900.
We do not rule out a further decline to 1.2860. A move below the mark will neutralize buyers’ pressure. We believe the spot has a chance to post fresh highs until it stays above 1.2860.
Sellers came across a decent obstacle around 108.00. Bulls found strength to reverse some losses and lifted the spot to 110.00. The resistance lies at 110.00, the support comes in at 109.00.
Buyers managed to revert some losses, however, the market is still under sellers’ control. Only a move above 110.00 could give buyers a chance to extend their gains.
The pound buyers regained the market and pushed the major to 142.00. The level stopped their advance and the spot spent the first part of the day flirting with the hurdle. The resistance lies at 142.00, the support is at 141.00.
Buyers neutralized sellers’ control for a while. They need to retake 142.00 to extend their bullishness.
The pair extended its upside impulse and refreshed its highs. Buyers broke above 131.00 and drove the pair to 131.50. The resistance lies at 131.50, the support lies in at 131.00.
The market is overbought. The EUR/JPY pair may rebound at least to 131.00. We expect a return to a growth after that pull back.
Buyers returned in town and pushed the market to the upper end of the downward channel. The US dollar retook 1.2500 and tried to move further but was stopped by 50-EMA around 1.2545. The resistance is at 1.2600, the support stands 1.2500.
Any move above the 1.2545 mark would increase chances of testing the 1.2600 hurdle. However, the pair is still in a downtrend and may return to a downside any moment now.
DAX tried to build on a recovery on Wednesday. A fresh buying interest helped the index to reverse some losses. The benchmark escalated up to 12040 during the morning hours. However, bulls failed to fixate above 12000 and retreated. The emerged selling pressure returned the index below the handle. The resistance lies at 12000, the support exists at 11900.
Inability to post fresh gains may turn the market around and push DAX to 11900.
Generally, S&P500 remained well bid on Wednesday. The index tested 2450 and stayed around the level the whole morning. Sellers regained control in the mid-European session and drove the index below 2450. The benchmark seems to be heading towards 2445 now. The resistance lies at 2450, the support exists in at 2440.
Taking into consideration the overbought conditions we do not rule out a rebound to 2440. If the benchmark remains above the level S&P500 may force through 2450 and strengthen to 2460. If sellers return the price below 2440 the index may return to its negative trajectory.
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