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.

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