The EUR USD breaks lower
The EUR tumbled after CPI data failed to lift sentiment in the bloc. After a short-lived grind over 1.1200, a bearish breakout has seriously dented the bullish bias from the daily chart’s perspective. The round number of 1.1000 is the next step to see if there are signs of support as the RSI sinks into the oversold zone. The support-turned-resistance of 1.1140 is the first hurdle to lift to ease the bearish pressure, or 1.0920 could be the next target.
USDJPY tests resistance
The US dollar rallied on upbeat PMI data before the pair witnessed a slight pullback due to a loss of momentum. The previous steep drop found support at 142.00, suggesting that the buy side was swift to turn around. Sentiment remains upbeat despite the psychological hurdle of 145.00 looms. A close above the recent high of 143.60 would confirm the bullish fever in the short term and send the greenback towards 144.50. 142.70 is the closest support in case of a prolonged consolidation.
SPX 500 bounces back
The S&P looked for another record close after moderate gains in the past few sessions. The latest retracement has been contained above 5700 near the origin of a previous rebound, keeping it valid in the process. A fresh high above 5780 would consolidate the bulls’ confidence and trigger a broader recovery. 5600 from the recent sell-off could be the bears’ last line of defence, and its breach could open the door to the previous bounce at 5400.
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