The biggest story of yesterday’s trading was the DAX which went on a roller coaster ride, providing short traders a huge gain, or more precisely, hitting our take-profit of 100 points before we saw a strong rebound towards 14700. The fact that the support area around 14400 remains unbreached confirms the uptrend and strengthens the case for a next leg up towards 15000. Technically, the recent correction was as expected, formatting a bull flag within an intact uptrend. This bull flag was now broken to the upside predicting further gains and slowly shifting the focus towards a higher target at 15000. A current support is now seen at around 14620.
EUR/USD: After hitting our lower target at 1.1770 the pair is now in oversold territory, increasing the chances for a rebound. Bulls in this pair should now watch out for price breaks above 1.1815 that could lead to further gains towards 1.1835-50. If the euro falls, however, below 1.1740 next lower targets will be at 1.17 and 1.1620.
GBP/USD: The cable found a halt at 1.3670 and was able to stabilize above 1.37. A current resistance zone is seen between 1.3850 and 1.39 and as long as that zone remains unbroken, bears could regain control in this pair.
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