Euro And Cable Correct Gains

The EUR/USD extended its gains to a high of 1.1845 before we finally saw a correction. The pullback was anticipated and could continue until 1.1750. If the euro is, however, able to hold above 1.18 traders will shift their focus to the crucial 1.1880-1.19 resistance.

The GBP/USD remained consolidated between 1.3810 and 1.3740. A break below 1.3710 could spur bearish momentum towards 1.3650, whereas on the upside, the 1.3820-hurdle remains an important resistance in the short-term.

The DAX touched 16000 but refrained from an excursion beyond that level – at least until now. As long as the current support at 15700 holds, we still favor further upward moves towards 16100.

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