EUR/USD And GBP/USD: Watch Out For Pullbacks
The euro was yesterday’s best performing currency while climbing towards 1.19. Bulls in this pair, however, will have to be somewhat cautious now, as the 1.19-area could prove as a short-term resistance. In case of a sustained break above 1.1915, we may see a test of 1.1970. On the downside, the 1.18-mark is seen as a current support.
The pound sterling extended its rebound to a high of 1.3982 amid an overbought situation. We bear in mind that the psychological 1.40-barrier is of crucial importance for traders so we may see some pullback now.
The DAX continues its consolidation phase between 15900 and 15000. We will keep tabs on price breaks above or below that range.
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