Intraday Analysis – Dow Drops 600 Points!
![Intraday Analysis – Dow Drops 600 Points!](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/28100828/Intraday-2024-05-28T110737.211.png)
The Dow Jones (US 30) attempts to rebound
![The Dow Jones Drop Chart: Depicts the Dow Jones' significant drop with support and resistance levels.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/28095749/US30-chart-28.05.2024.png)
The Dow Jones tumbled over 600 points as Boeing shares dropped over 7% in recent trading. The index is still trying to preserve its strength after hitting another fresh high, which saw the 40,000 level tested. 38500 is the latest support, and a move above 39300 would relieve the bearish pressure. 39550 along the 20-day SMA is a crucial hurdle ahead, and its breach could pave the way for a sustained recovery of 40,000.
USDJPY slowly recovering
![USDJPY Recovery Chart: Shows USDJPY's gradual recovery with resistance and support levels.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/28100521/USDJPY-chart-28.05.2024.png)
The Japanese Yen conceded more ground to the dollar as the sell-off continued. The round number of 157.00 is the immediate resistance; further up 160.00 from the previous spike is the next target. As the Yen continues to be outweighed across the board, a revival to the downside seems unlikely. 156.50 is the first support should the buy side start to take profit, and 155.80 is a substantial floor.
EURGBP struggles for support
![EURGBP Struggle Chart: Illustrates EURGBP's decline with key support and potential drop levels.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/28100559/EURGBP-chart-28.05.2024.png)
The euro slipped as the bloc’s yields ticked lower ahead of inflation data. The pair has remained under pressure after a continuous sell-off since the beginning of the month. This suggests that bears have been eager to sell into strength after the single currency sank below the daily support of 0.8530. Only a break above the mentioned zone would break the downward bias. Otherwise, a fall below 0.8500 would trigger a new round of sell-off and send the pair towards multi-year lows around 0.8430.