By Orbex
EURUSD meets resistance
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
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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
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.
Article by Orbex
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