Euro And British Pound Trade Listless

Hello everyone and warmly welcome to a new trading period!

What has happened during our short trading break and absence from the markets? With the exception of the DAX, which broke out on the upside, setting a new record high at 18848, not much has happened.


All three currencies, the U.S. dollar, euro and British pound traded in an indecisive manner, remaining stuck around technical resistances. The only interesting incoming data this week will be U.S. CPI data on Wednesday which may provide some directional bias.

Let’s wait and see.

EUR/USD And GBP/USD Weekly: Stuck between narrowing resistances and supports

As we can see, both EUR/USD and GBP/USD have failed to break out to either side. For the euro it will be crucial to break above 1.0850 and hold above 1.08 in order to add to any bullish momentum. A crucial higher target is seen at 1.10. Falling below 1.0680, instead, would increase the chances in favor of the bears with lower targets seen at 1.0620 and 1.05.


GBP/USD: A sustained break above 1.2660 may challenges sterling bulls for a run towards 1.27 and 1.2770 but as long as the pound remains below 1.26, chances are tilted towards lower targets at around 1.24 and 1.22.



Daily Forex and DAX Signals:

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2024 MaiMarFX.