Further Bearish Momentum?

The U.S. dollar roared back to life as safe haven demand increase due to concerns of escalation and spread in the Middle East.

As written in our last technical analysis, we prepared for renewed bearish momentum in both EUR/USD and GBP/USD which has proved to be key last Thursday and Friday.

Next targets to watch out for

EUR/USD: The euro retreated after hitting 1.0640 and thus the area around the upper descending trendline of the pair’s latest downtrend channel. It then fell back towards a test of 1.05. For accelerated bearish momentum we would need to see a break below 1.0480. A lower target is seen at 1.0350. Bulls on the other side, will wait for prices above 1.0620 in order to buy euros towards 1.07.

GBP/USD: The cable held above 1.2120 so far but it will depend on geopolitical tensions whether we will see a next leg down to 1.19. As for sterling bulls we recommend waiting for a renewed break above 1.23 in order to buy sterling towards 1.24.

DAX: The index is hovering the 15100 area but we prepare for further losses towards 14800. On the upside we see a strong resistance at around 15500 which could limit any bullish momentum for now.

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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.

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