(XAGUSD) Silver takes a step back
(XAGUSD) Silver took a breather after the latest surge saw a test at the 39.00. With a firm rejection confirmed in this area, buyers will look for the next signal as the RSI opens a slight bearish divergence. A move towards 38.20 is a sign of intense selling pressure, which could carry the price to the psychological level of 37.00. A close back above 38.80 would flush out the remaining selling interests and open the door to test 39.50.
EURUSD moving higher
The US dollar stays under pressure as the pair remains elevated above the 1.1600 level. The euro has moved over 200 pips from the beginning of the month as all eyes are now on the Fed’s next move. As sentiment remains bullish, trend followers would look to jump in at the next pullback. As the RSI approaches the overbought area, 1.1600 serves as the first support, and 1.1560 is a key level to maintain momentum.
GER 40 finds support
The global decline in indices across the board has weighed in on the Dax. The price has clawed back some losses from the recent sell-off and is testing the daily resistance of 24300. A bullish breakout would put the bulls back in the driver’s seat and send the index above 24500, paving the way for a bullish continuation. 24000 is the closest level to see if there are enough buyers to cause a rebound. Further down, 23750 would be a second level of support.
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