(DAX) GER40 remains choppy
The (DAX) GER40 looks to get back on track after finding some firm support. A sharp fall below 24400, following a lengthy consolidation, is a sign of selling pressure by short-term bulls. The RSI is attempting to claw its way back into neutral territory as sellers take profits, but the index has yet to stabilise as traders remain wary of a further sell-off. A break at 2400 is needed for bulls to take over; otherwise, a move below 23800 opens the door to 23525 at the start of a breakout rally.
EURUSD pulls lower
The dollar managed to get back on track after pulling the pair over 100 pips lower. Price action has found support at 1.1570, the previous low from a couple of weeks ago. The directional bias has remained downward from the chart’s perspective, with an oversold RSI now threatening a bullish divergence. A pop above 1.1650 could put the Euro back on track and move to test the recent peak towards 1.1800. 1.1550 is a fresh support in case the bulls need to catch their breath.
GBPCAD remains pressured
The pound is left licking its wounds as price action dropped further towards the 1.8300 area. A test above 1.8400 attracted some momentum buyers, but it wasn’t enough to send the pair crashing through that barrier as prices look towards multi-month lows. 1.8350 is the intermediate hurdle, and the RSI’s oversold condition could prompt sellers to take some profit. Further down, 1.8300 is the first level to expect renewed selling interest, and 1.8230 would be the second line of defence.
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