Monday’s best performer was the DAX which experienced a bullish breakout towards 14500 after the technical 14200-barrier was breached to the upside.
The index surged to a high of 14444 after bulls took out the 14200-resistance. We anticipate that gains could be extended until 14500 and 14550 before a potential pullback is due. With the index at a record high there is currently no resistance on the upside and if we see a break above 14600 a next target could be 15000. Current support areas are however seen at 14300 and 14200.
EUR/USD: The euro succumbed to a strengthening U.S. dollar and extended its slide towards 1.1830. As long as the pair holds above 1.18, we may see a small rebound towards 1.1950 and 1.2050.
GBP/USD: The cable remained confined to a sideways trading range between 1.3860 and 1.38. We will now pay attention to technical breakouts either above 1.39 or below 1.3780.
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