Is The DAX Vulnerable To A Deeper Correction?

While EUR/USD showed a slight uptrend Monday, GBP/USD lagged behind and ended the trading day unchanged. Let us see what today brings.

Today, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen will appear before the U.S. House Financial Services committee to testify on Fed and Treasury pandemic policies. Any unexpected remarks should have an impact on the U.S. dollar. The testimony is scheduled for 14:00 UTC.

DAX

The index refrained from touching the 14700 level yesterday and consequently corrected some of its gains. We now pay attention to a renewed break below 14570 which could lead to a deeper correction towards 14500 and 14400 (ellipse). Holding however above 14570, chances remain in favor of further bullish momentum towards 14900.