Intraday Analysis - Monday, July 20

XAGUSD (Silver) finds a bounce

XAGUSD (The Silver) halts the ongoing bearish rally as the recent pullback is hampering efforts of a further drop.

• The precious metal slightly licks it wounds by testing the support of 55.00.

• The said area is key as bears could be eager to ignore a rebound after sentiment remains downbeat.

• On the flip side, 57.50 looks to be a crucial level for bulls to turn their attention if buyers can re-enter the market.

EURUSD spiraling lower

The euro is hoping to turn momentum around as prices hit another low.

• Since firm resistance was found around the 1.1480 zone, more buyers have closed their positions.

• 1.1460 is a major hurdle for the Euro to recapture this month’s losses.

• Then a close above 1.1520 at the previous swing high is vital to ease the selling pressure.

• Otherwise, a further correction might send the euro towards 1.1340.

GER 40 finding bullish trend

The Dax weakened as the ongoing Middle East conflict has shaken up indices across the board.

• A break below 24900 dented the market mood in the near-term.

• However, with prices now moving into a bullish channel, buyers are hoping for continuation.

• A lift above 24900 will help bulls regain confidence as prices look to regain the 25400 level.

• On the flip side, 24400 is an important support to avoid a further sell-off.