Nasdaq 100 Momentum Slows As EUR/USD Range Trades And WTI Drops

(MENAFN- DailyFX (IG)) ​Nasdaq 100's bounce slows down

​The Nasdaq 100's swift recovery from its early September low is starting to lose upside momentum and may peter out around between the late July and 22 August highs at 23,575 and 23,589.

​If this resistance area were to be bettered, though, last week's high at 23,741 would be back in the frame.

​Slips may find minor support around the 21 July 23,264 high and only a fall and daily chart close below the August and current September lows at 23,242-to-22,959 would have negative implications and would put the August trough at 22,674 on the cards.

Nasdaq 100 daily candlestick chart Source: TradingView ​EUR/USD continues to range trade

​EUR/USD remains between its mid-August two-week high at $1.1742 high and its late August $1.1574 low.

​Further sideways trading around the 55-day simple moving average (SMA) at $1.1663 remains at hand.

​Minor support can be spotted at the $1.1608 early September low and more significant resistance between the mid-to-late August highs at $$1.1730-to-$1.1743.

EUR/USD daily candlestick chart Source: TradingView Source: IG ​WTI comes off one-month high

​WTI crude oil rejection at the end of August $66.03 high is taking it towards the 27 August low at $62.95. If this minor support level were to give way, the May-to-September support line at $62.57 may be reached next and perhaps the mid-August low at $61.94 too.

​While the price of light crude oil remains below its 25 August high at $65.10, downside pressure is expected to retain the upper hand.

WTI daily candlestick chart Source: TradingView Important to know

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