More U.S. Strength Ahead?
U.S. inflation came in higher than expected, pushing back expectations of an early Federal Reserve rate cut. A potential rate cut at the Fed’s May meeting is now being priced out. The U.S. dollar rose to a fresh three-month high following the surprise reading.
EUR/USD: A next lower target is now seen at around 1.0680-70. From there, bulls may jump back in but chances remain in favor of the bears right now. A current resistance is intact at around 1.08.
GBP/USD: The cable looks slightly tilted to the downside but must break below the EMA200 at 1.2550 for further bearish momentum. Falling below 1.2540, turns the focus to a next lower target at 1.25. As long as the pair remains below 1.27, sterling bulls might stay on the sidelines and take a wait-and-see approach.
Daily Forex and DAX Signals:
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Our trading ideas for today 14/2/24:
EUR/USD
Long @ 1.0730
Short @ 1.0690
GBP/USD
Long @ 1.2625
Short @ 1.2540
DAX® (GER40)
Long @ 16910
Short @ 16820
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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