GBPCAD pair stuck sideways
The GBPCAD pair looks for direction after a continuous consolidation leaves support at 1.7700. A close above the high of 1.7850 will attract momentum buyers, sending the pair towards a multi-year high of 1.7900. 1.7820 is the intermediate hurdle, and the RSI’s oversold condition could prompt bulls to change sentiment. The recent double bottom at 1.7715 shows that the bullish rhetoric is intact for another drive higher.
EURUSD tests recent low
The US dollar continues fighting against the Euro after clawing back 100 pips in recent sessions. The pair found support at 1.0800 at the base of a bullish momentum at the beginning of this month. The directional bias has remained downward from the daily chart’s perspective, with a bearish RSI divergence as a sign that sellers are in control. A pop below 1.0780 will cause another sell-off, which could hit monthly lows below 1.0700.
GER 40 holding on
The Dax 40 remains choppy as the Eurozone awaits the ECB’s next decision. A sharp fall below 18500 from a previous bullish rally is a sign of inconsistency by short-term bulls. The RSI has recovered into neutral territory as sellers took profit, but the index has yet to stabilise, and traders might be wary of any surprises from the next ECB meeting. The recent peaks at 18650 and 18800 are the levels to see if buyers are returning, and 18100 is the immediate support.
