EURUSD maintains the high ground
The US dollar stays under pressure as this week’s market collapse remains in focus. The euro has moved over 200 pips as the sell-off in global markets hit assets across the board. The pair has reached a 7-month high just above 1.1000, and the RSI’s repeatedly overbought condition could cause some profit-taking, temporarily driving the pair lower. As sentiment remains bullish, trend followers will jump in at the next pullback. 1.0900 is the first support, and 1.0860 is a key to maintaining momentum.
XAGUSD dives lower
Silver remains bearish as the demand for precious metals has dried up. A surge towards May’s low of 26.00 is a sign of intense selling pressure, carrying the price to the psychological level of 25.00, which coincides with former support. The bulls might need to catch their breath after the RSI shot again into the oversold zone. A close back above 27.00 would flush out the remaining selling interests and open the door to test 30.00.
GER 40 finds support
The continued decline in global markets weighed in on the Dax. The price has clawed back some losses from the recent sell-off and is testing the daily resistance of 17600. A bullish breakout would put the bulls back in the driver’s seat and send the index above 18000, paving the way for a bullish continuation. 17500 is the closest level to see if there are enough buyers to cause a rebound. Further down, 16800 would be a second level of support.
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