Intraday Analysis – EUR stays under pressure

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27082233/Intraday-40.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="EUR stays under pressure" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27082233/Intraday-40.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27082233/Intraday-40-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD struggles for support<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083932/EURUSD-CHART-8.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210231 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083932/EURUSD-CHART-8.png" alt="EURUSD CHART 27-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083932/EURUSD-CHART-8.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083932/EURUSD-CHART-8-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083932/EURUSD-CHART-8-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083932/EURUSD-CHART-8-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p><span>The euro softened after the ECB kept its interest rates on hold as widely expected. Despite a new high above 1.0640, short-term bulls’ failure to hold onto their gains above 1.0570 at the base of the breakout reveals their weak commitment. The twice-tested </span><b>1.0500</b><span> is a major demand zone to keep the recent bounce intact. Its breach would raise volatility and signal a bearish continuation, forcing buyers to liquidate and attracting momentum sellers. On the upside, </span><b>1.0590</b><span> is the first resistance to clear to improve the mood.</span></p>
<h2>USDJPY grinds higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083959/USDJPY-CHART-4.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210232 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083959/USDJPY-CHART-4.png" alt="USDJPY CHART 27-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083959/USDJPY-CHART-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083959/USDJPY-CHART-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083959/USDJPY-CHART-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27083959/USDJPY-CHART-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p><span>The Japanese yen recovered some lost territory after the CPI in the Tokyo area beat expectations. On the daily chart, the pair is grinding up along the 20-day SMA. The round number of </span><b>151.00</b><span> is an intermediate hurdle and last year’s spike at 152.00 an important ceiling where stiff selling could be expected as the dollar inches up into that supply area. As the RSI shot into the overbought zone, </span><b>149.90</b><span> is a fresh level to expect trend-followers’ bids. Further down, 149.00 would be the bulls’ second layer of defence.</span></p>
<h2>NAS 100 continues lower</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27084022/NAS-100-CHART-4.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-210233 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27084022/NAS-100-CHART-4.png" alt="NAS 100 CHART 27-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27084022/NAS-100-CHART-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27084022/NAS-100-CHART-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27084022/NAS-100-CHART-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/27084022/NAS-100-CHART-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p><span>The Nasdaq 100 slides as weak forecasts from tech megacaps dent investor sentiment. A limited bounce has met stiff selling pressure at 14800 and a subsequent reversal below 14450 suggests that the path of least resistance is still down. From the daily chart’s perspective, this means that the index could be in for a prolonged correction with the psychological level of </span><b>14000 </b><span>then 13700 as potential targets. The RSI’s oversold situation may cause a brief bounce to </span><b>14500</b><span> should sellers take some chips off the table. </span></p>
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