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.


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.

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