While the Dow is still unable to move higher, and the Nasdaq 100 continues to rally from its June low, the Nikkei 225 has found the strength to push through 40,000.
EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07.2024-07-01 18:00:00The index again attempted to make solid gains on Monday, pushing back towards 39,500, but it was unable to hold the highs of the session, essentially a repeat of Friday.However, it is also true that the price has not closed significantly lower, with buyers defending the 39,000 area.
A close above 39,500 would mark a bullish development, and open the way to the May highs, while a close below 39,000 might spark a drop towards the June lows at 38,270.The recovery from the late June low at 19,500 continues. Yesterday saw the index make a positive start to the week, building on last week’s bounce from 19,500. The 20,000 high from mid-June now comes into view once again, and beyond this, the index will be in new record-high territory.
Buyers have wrested control over the past two weeks from the sellers, and in the short-term a close below 39,000 and then 38,000, a key support level in May and June, would be needed to suggest that the index is headed lower.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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