A minor technical correction is underway in the European session today. The euro is regaining lost footing versus its American counterpart. The pair found a decent support around 1.1850. Besides, the EMA200 supported the spot. The price bounced from the oversold area and reversed some losses. Buyers pushed the price to 1.1900 by noon. The resistance resides at 1.1900, the support comes in at 1.1850.
We believe that the euro will continue with its recovery today. Buyers would try to lead the major to 1.1950.
The pound decided to continue its rally after the recent sell-off. Sellers brought the pound to 1.3200 on Wednesday where the major found strength not only to reverse losses but to continue strengthening after that. The resistance lies at 1.3400, the support comes in at 1.3300.
If the buying pressure persists our first profit target will be 1.3400.
Buyers decided to take a breather after a long rally. The exhausted bulls stepped away giving sellers a chance to reverse some losses. Sellers reversed a minor portion of their losses by noon driving the spot to 110.40. The resistance lies at 111.00, the support comes in at 110.00.
The price eyes strong support at 110.00 loss of which would trigger further weakness towards 109.50.
The Wednesday’s rebound stalled at 145.00 where the pair found fresh bids and jumped back to the recent highs. Buyers reclaimed the 146.00 hurdle and advanced up to 147.00 after that. The resistance lies at 147.00, the support is at 146.00.
The upward trajectory is likely to be continued. We may see a test of the 147.50 hurdle soon.
The euro bulls met a barrier at 132.00. The spot bounced off the level and softened to 131.00 afterwards. The resistance lies at 131.50, the support lies in at 131.00.
To continue its upward trajectory buyers need to gather fresh steam. We believe the euro will stay between 131.50 and 131.00 for a while and may return to its rally in the coming days.
Sellers broke a strong support at 0.8000 but failed to leave its region. This area is well-defended by buyers who will not let bears to pass. Besides, the spot approached the ascending trend line which is a strong obstacle itself. Moreover, the AUD/USD pair touched the 100-EMA which rejected the price back to 0.8000. The resistance is at 0.8050, the support stands 0.8000.
We will preserve our bullish outlook until we see a move below 0.7950. Now we expect a recovery and a return above 0.8050.
DAX keeps gravitating in a narrow range between 12500 and 12550. The index started the day at the upper limit of the range. DAX gapped downwards and touched 12500 where the benchmark stayed the first part of the day. The resistance lies at 12600, the support exists at 12500.
We expect this index to trade sideways in the coming sessions.
Buyers lost momentum after meeting an obstacle at 6000. Bulls do not give up and keep battling with the level attacking the handle every session. The resistance lies at 6000, the support exists in at 5960.
We believe the index will remain around 6000 in the coming sessions.
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