Intraday Analysis - Thursday, July 16

The Dollar found more resistance as price action attempts to recover from yesterday’s slump.

After a slight progression, a sharp turnaround saw sellers step back into the frame.
Bulls will need to remain above 0.8060 before a recovery can materialise towards 0.8150.
0.8060 is fresh support, and its breach would invalidate any rebound and send the pair to a new low around 0.8000.

The Euro looks set to continue the rally after adding over 100 pips since the beginning of the week.

Bulls have doubled down after reaching the previous peak of 185.10, resuming the uptrend with 186.00 as the next milestone ahead.
The RSI’s new top in the overbought zone could lead to a temporary pullback, and 185.10 is the first support level if sellers enter the market.
184.50 at the base of the recent bounce would be a crucial level to maintain the momentum.

The Dow Jones maintains its sideways stance, with price action remaining undecided.

The index is pulling back from its recent peak just below 52800 and is now testing 52500, with the RSI dropping back into the neutral area.
A bearish breakout would force leveraged long positions to liquidate and lead to a correction towards 51800 at the base of the recent bottom.
However, sentiment generally remains upbeat, and bulls would be looking for a stable entry point.
A close back above 5300 could put the index back on track for a test at 53400.

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