Intraday Analysis - Friday, Sept. 11

EURUSD slides lower

The dollar (EURUSD) progressed as the European Central Bank raised its key interest rate.

• The pair is still probing for support after hitting a weekly low below 1.1600.

• Since then, the euro has clawed back some losses as prices search for the latest resistance at 1.1640.

• Bears could sell into strength if another downturn ensues, with 1.1560 a critical floor.

• 1.1700 will be the next target higher if buyers confirm a 1.1640 break.

GBPJPY finding support

The pound bounced back after the recent bearish rally, with the pair’s valuation ticking higher.

• A decisive close above the immediate resistance of 208.00 prompted some sellers to cover.

• The pound could get back on track despite the previous sell-off.

• 211.00 is the next target, and its breach would bring more conservative buyers back to the game and pave the way for a bullish continuation.

• Otherwise, 207.50 at the base of the latest bounce is an important support.

GER 40 hits new low

The Dax inches lower as indices fear another downturn as energy prices spike higher.

• A rally below 26000 signals that the bearish mood is still intact.

• 25200 is the next target as trend followers are likely to hold onto the direction.

• As the RSI shows an oversold condition, a brief pullback is an opportunity to buy at a lower price.

• On the upside, 25800 is the first level, and 26300 is to test buyers’ resolve.