(GER 40) Dax 40 not slowing down
The (GER 40) Dax 40 ticked higher as global market optimism and rising US markets drive gains. After hitting resistance at 24000, the index powered to another 400-point lift to confirm another fresh high. Another bull run would force more bears to close out, challenging the next target at 24600 and raising the odds of a bullish continuation. The level of 24200 is the first support to assess the strength of follow-up buying.
EURUSD attempts to hold onto gains
The euro slid as prices took a breather from the recent rally. The bullish run was halted at 1.1760, potentially putting the pair on a reversal course. The next step is to see how strong follow-through interests will be. The RSI’s move away from the overbought region has attracted some bargain hunters, and 1.1700 is an important level to sustain the momentum; a jump above 1.1780 would confirm a bullish extension.
GBPUSD probes resistance
Similar to EURUSD, Cable has lost momentum as prices have fallen from the recent peak. The pair has met stiff selling pressure at 1.3420, and the current retreat is a test of the buy side’s commitment. 1.3280 at the base of the bullish run is the first level to expect renewed buying interests as the RSI recovers into the neutral area. The bottom at 1.3200 is a second line of defence in case of further hesitation, as 1.3400 is the immediate resistance.
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