Tuesday has been a very profitable trading day and we got what we have been looking for – a correction from overbought price levels in both EUR/USD and GBP/USD. Many thanks for all the positive feedback coming from traders in the last few days! We are happy that you were able to profit with our signals and assistance.
Monthly results (in pips):
Today we will secure our profits and stay on the sidelines. Nonetheless, let’s take a brief look at the technical picture.
EUR/USD: The euro approaches the 1.13-support. Around the 1.13-mark we might see buyers trying to push the pair back upwards toward 1.1380 but if this support-mark breaks significantly to the downside (which would mean a fall below 1.1270) we will shift our focus to 1.1220 and 1.12.
GBP/USD: The cable has hit our bearish profit target at 1.36. Whether we will see further losses remains to be seen and hinges on Federal Reserve rate hike speculations. The FOMC decision is coming up next week. A break below 1.3560 could increase bearish momentum and drive the pair toward a test of 1.35. On the upside, a crucial resistance is seen at 1.37.
Also trading the DAX has proved to be very profitable recently with our performance for the month of January standing at a profit of 285 points. On the topside, the 16300-handle remains an important hurdle to overcome for the bulls but more attention should be given to a potential test of the 15300-support.
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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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