Further Bullish Breakouts On The Horizon?

Dear traders,

Nothing has fundamentally changed in terms of the technical outlook.

GBP/USD: The cable was able to stabilize above 1.41 after a dip below 1.41 proved to be short-lived. A bullish break above 1.4160 could open the door for another leg up towards 1.42 and maybe even 1.4250. However, sentiment could slightly change in favor of the bears if the pound drops below 1.4050 with a lower target coming in at 1.40.

EUR/USD: The pair remained within a relatively tight price range between 1.2175 and 1.21 and provided no profitable trading chances yesterday. We still wait for a sustained break above 1.2180 in order to mark a higher target at 1.2220-30. A current support is seen at around 1.2080.

DAX: After dipping to a low of almost 13660 on Monday we saw accelerated upward momentum in the index. Now the chances are in favor of further bullish momentum with higher targets seen at 14110 and 14150. A break above 14200 could pave the way for a bull run towards 14500. On the downside we see a support at 13780.

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