The EUR/USD pair bounced from the oversold area and was building on a correction during the day trades. The major pushed away from 1.1600 and headed towards 1.1650 which reached in the late European session. The resistance resides at. 1.1650, the support comes in at 1.1600. We believe buyers may drive the spot to the 1.1650-1.1670 region in the coming sessions.
The GBP/USD pair moved away from the 1.3100 handle and rallied towards its nearest resistance. The EMA50 and EMA100 are on its way and may slow down the current correction. The resistance lies at 1.3200, the support comes in at 1.3100. If the pound continues moving higher it may reach 1.3200 in the coming sessions.
Buyers do not want to lose control and struggled hard with sellers at the lower limit of the upward channel. Sellers brought the pair to the 113.55 mark where the EMA50 lies. The line slowed down the pair’s slide and gave buyers some time to build a defense. The resistance lies at 114.00, the support comes in at 113.00. The selling interest is getting stronger any hour now. We believe sellers will regain the market for a while. However, we do not believe bulls’ game is over and they will return as soon as they gather enough steam to counterattack.
The GBP/JPY pair is quiet on Monday staying in a tight range a few pips above 149.00. The spot is sandwiched between the 50 and 200 EMAs on one side and the EMA100 on another. The resistance lies at 150.00, the support is at 149.00. The pair trades at the lower boundary of the ascending channel. If the pound moved below 149.00 and break the EMA100 the major may soften to 148.00.
The EUR/JPY pair was bottoming around 132.00 the first part of the day. Buyers were trying to start a correction, however, the selling pressure was too strong and weighed on the spot The resistance lies at 132.50, the support is at 132.00. The US dollar retracement may help the euro to get some traction. The single currency may pull back from 132.00 and strengthened up to the 132.50-132.70 region.
The NZD had a negative start to the day. The spot got under pressure and softened to 0.6850 where buyers managed to regain control and started a correction. The resistance is at 0.6900 the support stands 0.6850. Taking into consideration the oversold readings the Kiwi may reverse back its losses towards the 0.6900-0.6930 region.
DAX was neutral on Monday after last week rally. Buyers pushed the benchmark above 13200 where the index spent the day. The resistance lies at 13300, the support exists at 13200.
Range trading is expected to continue today.
NASDAQ was neutral on Monday hovering above 6200. The resistance lies at 6240, the support exists in at 6200. We assume the NASDAQ index will remain flat today.
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