After Lackluster Movement Focus On CPI

What a lackluster price development!

The GBP/USD’s minor correction ended at a daily low at 1.2577, failing to provide a sustained profit to short trades. The focus however still remains on an upside break above 1.2680 with a following higher target seen at 1.2720.

The EUR/USD found a short-term support at 1.0940 but for the euro’s sideways sentiment to change we would need to see a clear break either above 1.11 or below 1.09.

Elsewhere, there was nothing new in the DAX. The 16000-barrier seems to be a hard nut to crack for bulls – for now.

We will have the U.S. CPI release today at 12:30 UTC. Forecasts see a slight decline in the core gauge to 5.5 percent form 5.6 percent. Thus, chances are slightly in favor of further upward momentum in both currency pairs. In case of a disappointing reading, however, the dollar will surge.

Daily Forex and DAX Signals:

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Our trading ideas for today 10/5/23:

EUR/USD

Long @ 1.0975

Short @ 1.0940

GBP/USD

Long @ 1.2630

Short @ 1.2585

DAX® (GER40)

Long @ 15990

Short @ 15930

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

We wish you good trades!

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