EUR/USD And GBP/USD Rebound: More Upside Potential?
Both euro and British pound rebounded against the U.S. dollar Monday and more upside potential could be in store given the oversold situation in both EUR/USD and GBP/USD.
Bulls should now pay attention to a break above 1.1925 which could see a next leg up towards 1.1950 and 1.20. Falling back below 1.1885 could increase bearish momentum towards 1.1850 and 1.18.
The cable stabilized above 1.38 and further 1.39 after its dip below 1.38 has proved short-lived. Above 1.3965 we anticipate a bullish test of 1.40 and possibly even 1.41. Sterling bears on the other side, should pay attention to a break below 1.3780 in order to expect further losses.
The index rebounded from its support area around 15300 and headed back towards 15700. We expect the DAX to remain between 15900 and 15300 in short-term time frames.
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