EURUSD finds support
The US dollar continues to retreat as profit-taking goes on ahead of nonfarm payrolls. The latest rally found support over 1.0100 after it cleared 1.0200. A series of higher lows indicates mounting buying pressure and short-term sentiment could be turning around. The recent high at 1.0270 coincides with the 30-day moving average and might be sellers’ last stronghold. Its breach may pave the way for an extended recovery. 1.0210 is a fresh support and the support-turned-resistance at 1.0400 from the daily chart could be the target.
XAGUSD consolidates gains
Silver rallies as risk appetite favours commodity markets. A break above the last leg of sell-off at 19.40 triggered momentum buying. This is a sign of a massive exodus from heavy selling. A close above 20.20 further put the short side under pressure. The RSI exhibits a bearish divergence, suggesting a slowdown in the impetus. Resistance could be expected in the supply zone (21.00) from a combination of profit-taking and fresh selling. 19.90 is the immediate support and 19.30 a second layer in case of a deeper pullback.
GER 40 tests key resistance
The Dax 40 finds support from strong earnings in Q2. A bullish MA cross on the daily chart indicates improvement in the market mood after the bulls cleared resistance around 13350. 13650 at the origin of a faded rebound in mid-June is a key hurdle. Selling interest could be expected as the index is still in the recovery mode. However, a bullish breakout could trigger a runaway rally and send the index towards June’s high at 14700. The RSI’s overbought condition has caused a pullback and 13340 is the first support.
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