We saw some bullish breakouts yesterday with the pound sterling rising towards 1.30 and the euro breaking above 1.11. Also, the DAX headed, as expected, towards 16000 and finds itself currently at around 16050.
The reason for the bullish bias was a slower-than-expected U.S. inflation print in June. This reinforced the market’s assumption of a nearing end of the Federal Reserve’s tightening cycle. The greenback thus weakened against other peers.
Traders should brace for upcoming corrections in short-term time frames, even though the latest bullish moves appeared to be strong – paving the way for a continuation of the uptrend.
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Our trading ideas for today 13/7/23:
Long @ 1.1160
Short @ 1.1125
Long @ 1.3020
Short @ 1.2980
Long @ 16060
Short @ 15970
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.
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