DAX Hit Profit Target, Focus Now on USD And Retail Sales

The DAX has reached our profit target at 15500 points. A rise above 15560 could see further gains toward 15800. Bears, however, should watch out for pullbacks if the index remains below 15550.

EUR/USD: Short-term head-shoulders-pattern could spur bearish momentum

A SHS-pattern seen in the hourly chart could attract sellers, provided that the euro falls below the neckline at 1.1580. A lower target will then come in at 1.1560-50. The pattern will become void with a break above 1.1625. Bulls will then focus on a test of 1.1640-50.

GBP/USD: We expect the pair to trade between 1.3750 and 1.36. We will pay attention to price breaks above 1.3760 or below 1.3570.

Traders will watch the U.S. Retail Sales report today due for release at 12:30 UTC.

Have a wonderful weekend.

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