The descending channel remained in place on Monday. The euro just bounced from its lower end and spiked to its upper one. Buyers pushed the spot to 1.1750 where the euro spent the first part of Monday. The resistance resides at 1.1750 , the support comes in at 1.1700.
Buyers need to try hard to neutralize sellers’ pressure. To extend their gains they need to reclaim the 1.1750-1.1775 area first.
The pound remained in a negative ground on Monday. Sellers took a breather after last week decline and allowed buyers to revert some losses. The major gapped higher at the daily open and extended its gains afterwards. Buyers led the price to 1.3100 first and after breaking the level continued their winning streak and pushed the GBP/USD pair to 1.3150. The resistance lies at 1.3200, the support comes in at 1.3100.
A bullish sentiment may return for a while. Buyers may push the pair to 1.3150 first, en route to 1.3200.
Buyers finally reclaimed the 113.00 level and posted a fresh high at 113.42. However, they failed to stay above the level. The pair moved back immediately after the breaking the hurdle. Sellers returned the US dollar below 113.00 and pushed the major to 112.56 afterwards. The pair spent almost the whole Monday staying around its fresh lows. The resistance lies at 113.00, the support comes in at 112.00.
The US dollar retracement may help the yen to regain some traction. Sellers may keep driving the spot downwards and reach 112.00 in the coming sessions.
The pound is still in red figures, however, the major started a correction phase. The spot rebounded off 147.00 and headed towards 148.00. The spot reached the level before the NY opening and advanced up to 148.50 afterwards. The resistance lies at 149.00, the support is at 148.00.
Buyers may reverse some losses and push the pair towards 149.00 now.
The market sentiment turned bearish when buyers failed to build on a recovery. The pair dropped below 132.50 and closed the week at 132.00. The euro slightly strengthened on Monday and grew to 132.27 during the European hours. The resistance lies at 132.50, the support is at 132.00.
If the market remains negative a clear break below 132.00 would indicate that the bearish phase has resumed. Sellers may drag the price to 131.50 in this potential scenario.
The tone is still negative in the market. However, bears retreated and this is a chance for buyers to reverse some losses. The NZD/USD pair bounced off 0.7050 and recovered to 0.7080 during the Asian and European sessions. The resistance is at 0.7100, the support stands 0.7050.
After facing rejection at 0.7050 the pair pulled back and may extend its recovery up to 0.7125.
DAX is neutral on Monday. The benchmark is still around 13000 preserving its neural-to-bullish stance. The resistance lies at 13000, the support exists at 12900.
The more the DAX index stays below the immediate resistance the more chances it has to bounce back. If sellers push the benchmark lower they could retest 12900 and send the index to 12850.
After unsuccessful attempt to regain 2550 the pair lost steam and turned to the downside. Sellers led the index to 2540 where the upward trend line lies. However, bulls are too strong and will not retreat. They pushed the S&P500 from the 2540 handle and reversed losses pushing the benchmark to 2550.The resistance lies at 2550, the support exists in at 2540.
The benchmark may strengthen further and break above 2550 in the coming sessions. Buyers may extend their gains up to 2560 in this case.
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