Little Movement
We are back and wish you all a good start to the new week.
If we look at the technical chart picture, we see that the price development came to a standstill last week. Overall, the DAX, euro and the pound were able to recover somewhat recently due to the weakening U.S. dollar and ended their downward trends (for now).
Nevertheless, caution is advised this week, especially in the currency market. There are no fundamental drivers in the offing, which could allow for little movement. So do not risk too much and wait and see. Sideways movement could continue this week, which could make profitable trading opportunities rare.
If we take a look at the weekly charts of our majors and the DAX, we can see the fresh upward trend with higher resistances and new price targets.
DAX
DAX: Next price target: 16200, support is seen at 15000.
EUR/USD
EUR/USD: Next price target: 1.12. If the euro falls below 1.09, the 1.05 area moves back into focus.
GBP/USD
GBP/USD: Next price target: 1.26. Wait for a breakout from the sideways range between 1.2560 and 1.2340.
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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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