The euro faced its first hurdle at 1.2100 after a long rally. The price bounced off the level and declined back below 1.2050 finding a new harbor at 1.2000. The resistance resides at 1.2050, the support comes in at 1.2000.
The EUR/USD pair is unlikely to continue its growth today. Traders will hurry to close their orders to book some profits before returning to the game again. We believe the spot will remain under pressure around the current low the coming sessions.
Buyers found a strong resistance at 1.3200 and retreated immediately after testing the level. The price stepped back, but remained around the level. The resistance lies at 1.3200, the support comes in at 1.3100.
The ongoing decline could be attributed to some profit taking from bulls following last week rally. Buyers will return to buying the pound as soon as it is over. Bulls are aiming at 1.3265 now.
Sellers found a decent support at 107.34. The pair bounced from the mark and started a correction phase. The spot gapped at the daily open extending its recovery above 108.00. Buyers lifted the price to 108.50 by noon. The resistance lies at 109.00, the support comes in at 108.00.
We believe the USD/JPY pair will stay above 108.00 for a while. Bulls would like to extend their gains and will try to push the price to 109.00.
The recovery from 141.25 was extended on Monday. The price jumped from 142.21 to 142.51 at the daily open. The pound continued its rise after that and tested 143.00 in the early Asian session. Bulls struggled hard with the level and finally broke the hurdle ahead of the NY opening . The resistance lies at 144.00, the support is at 143.00.
The pair seems to be heading upwards targeting to consolidate above 143.00 in the short-term. A move above this level shall increase the upward pressure on the pound. In this scenario the Cable may grow to 144.00.
The euro sellers did not find any reason to push the price below 129.50. Sellers had to give up their gains and retreated when they faced buyers’ resistance around the level. Buyers won this game pulling the price upwards breaking 130.00 on its way. The upward momentum remained in force during the night and morning trades bringing the spot to 130.50 in the mid-European session. The resistance lies at 130.50, the support lies in at 130.00.
A decisive break above 130.50 could open the door towards 131.00.
The USD/CAD pair lost strength after breaking 1.2100. Sellers were able to push the price to 1.2058 when a sudden turnover happened. The US dollar reversed some of its losses after that. The price retook 1.2100 and posted a daily high at 1.2163. The resistance is at 1.2200, the support stands 1.2100.
We believe that buyers would like to erase some losses after a long decline. Bulls aim at the 1.2200-1.2240 region now. A successful break above the level will put 1.2300 on the cards.
DAX had a positive start to the day. The index gapped upwards from 12300 towards 12400. The benchmark opened a few pips below 12400. Buyers extended their gains afterwards retaking the level and climbing to 12460. The resistance lies at 12500, the support exists at 12400.
As we can see it is only “buy” market now. We assume DAX will keep growing and will reach the next resistance in the coming sessions.
S&P500 had a positive start to the day. The index gapped from 2463 to 2467. Buyers reclaimed the 2470 hurdle in the mid-Asian trades. Bulls were pushing the price upwards after that and were able to lead the benchmark to 2475 by noon. The resistance lies at 2480, the support exists in at 2470.
If S&P500 stays above 2470 the index may reach 2480 in the coming sessions.
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