It has been a relatively quiet start to the new week with many trading instruments consolidating within narrow price ranges. Both EUR/USD and GBP/USD refrained from extending previous gains and consolidated below crucial resistance levels.
Let’s see what today brings.
EUR/USD: The pair proved unable to overcome 1.2120 – at least until now. If it now falls below 1.2040, bearish momentum may accelerate with lower targets being at 1.20 and 1.1950. For bullish action to revive we need to see a renewed break above 1.2115 or on the downside, a test of the current support zones at 1.20 and 1.1950.
GBP/USD: Watch out for breakouts either above 1.3920 or below 1.3860 for renewed momentum.
DAX: The ‘sleepy’ index is currently in a narrow sideways trading range and doesn’t offer traders any major chance. We will wait and see.
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