Relief Rally
The euro and British pound dipped towards lower targets before we saw some kind of relief rally yesterday. The EUR/USD tested the 1.0450-support area before it climbed back above 1.05. From a technical perspective, more bullish momentum could be in store now with next targets seen at 1.0550 and 1.0650.
A mix of better-than-expected U.K. data and weaker-than-expected U.S. data helped the British pound to move back above 1.2150. Above 1.2170 we see a next higher target at around 1.2250.
DAX
The index slid to 14950 before it stabilized somewhat around 15150. If the DAX can hold above 15100, it could possible test the 15400-region as a resistance.
The next driver for the currencies will be tomorrow’s U.S. NFP report, so volatility could be muted ahead of that event.
Daily Forex and DAX Signals:
If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.
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.
We wish you good trades!
Any and all liability of the author is excluded.
Copyright © All Rights Reserved 2023 MaiMarFX.
Follow us on social media:
