Feelings are not supposed to be logical. Dangerous is the man who has rationalized his emotions. ~ David Borenstein
Good morning. Many pairs reversed course from fresh tops and ended in negative territory yesterday, especially the risk sensitive ones following stock indices – S&P500 and Dow suffering their second-largest loss this year. To sum it up in a nutshell: what goes up, must come down. Here are a few charts depicting current market sentiment
There’s no sign yet that current decline has come to an end, so it’s a good idea to expect a test of 1.2440/50 which is the next support. In case of upside pullbacks, former support around the upward trendline should provide a decent selling point
A new test of 83 seems likely.
S&P500 is back below 1340 which was breached just a few days ago and the large loss is scary. Recovering from here in the coming days, after such a decline, is quite difficult
EUR holds onto gains surprisingly well, thank to the USDJPY which is rallying, testing resistance
Support zone is in focus these days
Resistance around 80 is under pressure and it seems that a breakout is imminent
Short-term support formed by a horizontal line connecting recent top zone and the upward trendline is being tested today.
Aussie dollar followed stocks and declined, testing interim support near parity level
Enjoy your weekend