EUR seeks support

Jing Ren Orbex

EUR/USD falls back

The euro retreats over muted GDP growth in the eurozone. The price action is hovering around parity in an attempt to hold onto its recent gains, a sign of the bulls’ strong attachment to this symbolic level. The selling pressure has waned after the pair closed above 0.9990, which could shift short-term bias to the upside. 0.9850 next to the MA cross on the daily chart is an area of congestion. A bounce above 1.0010 might resume the recovery towards September’s high at 1.0180. 0.9710 is the bulls’ second line of defence.

XAG/USD grinds support

Silver slips as the dollar index recoups recent losses. The price has stabilised over the daily support and psychological level of 18.00. A series of higher highs led sellers to cover their positions. The market is in a post-swing consolidation until a breakout on either side lifts momentum once again. 19.60 is the immediate resistance and its breach could carry the precious metal to the previous peak around 20.80. 18.80 is a fresh support and the zone between 18.00 and 18.30 is a critical floor to keep the current rebound intact.

Dow Jones 30 tests resistance

The Dow Jones 30 inches higher as investors await the Fed's policy meeting. A short squeeze above the September high at 32600 has put the bears on the defensive. Heightened volatility shows that wrong-footed traders were looking to bail out. As the index climbs back towards August’s high, 33100 at the origin of a previous sell-off is the next hurdle. The RSI’s overbought condition may trigger profit-taking and a pullback from this demand-turned-supply area. 31900 is the first level to gauge the strength of follow-up bids.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

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