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.
DAX
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.
EUR/USD
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.
GBP/USD
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