( GER40 )DAX finds support
The( GER40 )DAX inches higher thanks to cooling inflation across the eurozone. A rally above 23500 is a sign that the bullish mood is still intact. 24000 is the next high as trend followers are likely to hold onto the direction. As the RSI shows an overbought condition, a brief pullback could be seen as an opportunity to buy at a lower price. On the downside, 23600 is the first level, and 23300 is a second layer to test buyers’ resolve.
EURUSD slides lower
The dollar progressed further as prices fell over 100 pips in recent sessions. The pair is still probing for support after hitting a weekly low below 1.1700. The previous move towards 1.1800 put early sellers on the defensive as an overbought RSI saw signs of exhaustion on the pair. Bears then sold into strength as short-term sentiment remains cautious for now, ahead of the upcoming CPI data. 1.1640 becomes the new support with 1.1760 a firm resistance.
GBPJPY stuck sideways
The pound bounced back after the recent bearish rally saw an uptick in the valuation of the pair. A decisive close above the immediate resistance of 199.00 prompted sellers to cover their bets and could have put the pound back on track despite the previous sell-off. The psychological level of 200.00 is the next target, and its breach would bring more conservative buyers back into the game, paving the way for a bullish continuation. Otherwise, 198.70 at the base of the latest bounce is an important support.
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