Quiet Trading: Waiting For Larger Fluctuations

The U.S. GDP expanded at a 6.4 percent annualized rate in the first quarter, supporting the Fed’s strong assessment of the economy. In addition, President Joe Biden’s proposal of two additional spending plans would infuse trillions more dollars into the U.S. economy over the next decade. The U.S. dollar, however, ended yesterday’s trading day virtually unchanged against its peers.

The DAX turned negative after failing to overcome the 15340-mark and slid below 15100. As long as the crucial 15000-support holds, we will keep an eye on the index’s recent sideways trend but if it breaks below 14950, traders should expect further losses.

The technical picture in the EUR/USD and GBP/USD has not changed since yesterday and it remains to be seen whether the support levels at 1.21 and 1.38 will hold.

Have a beautiful weekend.

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