Bullish Breakouts

We didn’t trade the EUR/USD and GBP/USD yesterday after we were able to pocket a good gain on Tuesday amid strong bullish breakouts. U.S. inflation came in below expectations, a fact that has crushed a hawkish repricing that would have benefit the greenback. The euro surged to a high of 1.0887 from where it consolidated yesterday. Higher targets are now seen at 1.0940 and 1.10 while we expect a fresh support to come in at around 1.0730.

The GBP/USD is currently hovering around 1.24 after it was unable to break significantly above 1.25. For the bullish bias to continue, the cable will need to stabilize above 1.24 while traders will focus on a break above 1.2510 in order to go for 1.26.

The DAX broke above 15600 and headed towards 15800. The next crucial target for traders will be the crucial 16000-barrier. Our former breakout-area at 15600 could now turn into a support zone.

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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.