Our Trading Ideas For Today
What will be interesting this week?
The European Central Bank is expected to cut rates by another 25bp this Thursday. Before we come to the ECB decision we will keep an eye on the U.S. CPI, due for release on Wednesday. The U.S. dollar was able to recover some of its recent losses which is due to less-dovish Federal Reserve rate cut expectations. Market participants now expect the Fed to cut rates by 25bp on September 18 and this move is already priced in.
EUR/USD: A crucial support is seen around 1.0950 which could stop the euro from falling further. On the upside, the 1.11 hurdle will be interesting to watch and price breaks above 1.1110 and 1.1160 could reactivate bullish momentum.
Daily Forex and DAX Signals:
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Our trading ideas for today 10/9/24:
EUR/USD
Long @ 1.1080
Short @ 1.1025
GBP/USD
Long @ 1.3130
Short @ 1.3040
DAX® (GER40)
Long @ 18460
Short @ 18390
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
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.
