We saw some choppy swings on Tuesday which also provided some profit for traders. The U.S. dollar traded lower against the euro and pound but ended the day virtually unchanged. Market participants speculate on a more restrictive monetary policy after a potential debt deal in the U.S. This could slow the economy and thus, increase recession fears, in case the White House plans to reduce government spending.
GBP/USD: The pound climbed back above 1.24 but struggles to hold that level. If 1.23 breaks to the downside, we expect further losses towards 1.22. On the topside the next resistance is seen at 1.2520.
EUR/USD: The euro tends to trade downwards. As long as it remains below 1.08, the next target will be the crucial support at around 1.05.
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Our trading ideas for today 31/5/23:
Long @ 1.0725
Short @ 1.0680
Long @ 1.2430
Short @ 1.2370
Long @ 15860
Short @ 15770
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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