Intraday Analysis - Monday, August 17

EURUSD bounces back

The Euro( EURUSD ) makes further gains as the dollar remains pressured.

• The pair’s higher trajectory continued after reclaiming the 1.1500 level.

• The rally has so far added over 50 pips to the pair.

• As prices look to reclaim the top spot at 1.1600, 1.1575 is the first level to crack.

• 1.1520 is an important floor, and its breach could lead to a bearish continuation towards 1.1460.

USDCAD drives lower

The American dollar is licking its wounds across the board as traders look ahead to the next Fed meeting.

• A bounce below 1.3900 has prompted buyers to cover to ease the pressure.

• 1.3970 from a previously brief rebound is the closest resistance if momentum shifts.

• 1.3820 is the next support for sellers as the sell-off continues.

US 30 slipping from a record

The Dow Jones hopes to ease the downward trajectory with a bounce away from the lower region of the 53000 area.

• After a brief dip, a hold above the said psychological level could help bulls regain control of the short-term direction.

• The recent peak at 54600 is a key resistance.

• 53500 is the closest support as the RSI ventures lower.

• 53000 is an important level to keep the index elevated.