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Intraday Market Analysis – Euro Attempts to Bounce.

EURUSD meets resistance

                                                        EURUSD

The euro finds support from an upbeat economic sentiment from across the block. The pair has met buying interest in the demand zone around 1.1520.

A bullish RSI divergence suggests that sellers may have taken their feet off the pedal. Subsequently, a break above 1.1560 prompted the short side to cover.

1.1615 is a key supply zone from last week’s sell-off, after which the bulls need to lift offers near 1.1690 before a reversal could gain traction. On the downside, a fall below 1.1550 may call the rebound into question.

XAGUSD awaits breakout

                                                        XAGUSD

Bullions rise as the US dollar retreats ahead of the release of inflation data. A bullish MA cross on the daily chart is a sign that sentiment could be turning around.

Silver is testing the September high of 24.80. A bullish breakout would trigger an extended rally towards 26.00. However, the RSI’s double top in the overbought area has held buyers back as the market awaits new catalysts.

A combination of profit-taking and fresh selling could drive the price lower. The base of a previous breakout at 23.70 would be a support.

US 500 seeks support

                                                        US500

The S&P 500 consolidates gains over strong corporate earnings and improved economic outlook.

The divergence between the 20 and 30-day moving averages indicates an acceleration in the rally. Though there is a chance of a pullback after the RSI shot into the overbought area. The bullish bias means that buyers may be eager to jump in during a correction.

The index is hovering above 4660. 4625 on the 20-day moving average would be the second line of defense. On the upside, a rebound would lead to 4750.

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