URGENT UPDATE: The EUR/USD currency pair is facing immediate resistance at 1.1610 as market dynamics shift dramatically today. The Dollar Index must see a swift rebound from current levels to maintain its target of 101. If it fails to do so, analysts warn it could plunge towards 99 or lower, raising concerns among investors.
As of this morning, the EURINR is also encountering resistance at 103.75. Traders are advised to monitor price movements closely to determine if these resistance levels will hold. The USDJPY shows potential for a rise back to 158, given it trades above 155.75, while USDCNY could dip toward 7.07-7.065 before a rebound.
The Dow and DAX indices continue their upward trajectory, with targets set at 48,000 and 24,000-24,200 respectively. In contrast, the Nifty index tested crucial resistance near 26,200. A breakout above 26,250 may propel it towards 26,400, while a failure could see it decline to 25,800 or 25,500.
Global commodities are also in focus. Gold tested 4,200 before retreating, with a breakthrough possibly opening the door to 4,400. If it fails to rise, a drop back to 4,050 is likely. Silver is nearing its long-term resistance at $54, where a drop towards $50–48 could occur unless it breaks above this threshold decisively.
Market sentiment remains cautious as US Treasury yields continue to decline, with potential support tests ahead. The German yields are notably low, struggling to maintain upward momentum. Meanwhile, the 10-Year Government Securities in India are holding above support levels, with the possibility of rising again if they can sustain above these marks.
Crude oil remains stable, showing limited downside potential in the near term. The Nikkei has gained traction and is now bullish towards 52,000, while the Shanghai Composite may continue its ascent towards 4,000 within the 3,800-4,000 trading range.
This rapidly changing market landscape underscores the importance of staying updated as developments unfold. Investors are urged to remain vigilant as key resistance levels are tested across multiple asset classes.
