Risk-Off Mode
Bearish momentum accelerated, sending our trading instruments towards lower targets.
The reason behind the steep sell-off is the bond sell-off and rising yields in the U.S., buoying the dollar while making risk assets unattractive.
The euro knew no other direction than south and hit the crucial 1.05-support area. A downside break below 1.0480 could spark fresh bearish momentum towards 1.0290 and further 1.01. A current resistance is however seen at around 1.07.
The pound sterling fell below 1.2170 and headed towards 1.21. Our next lower target is 1.20 now.
The DAX slid below 15400, heading towards 15100. Watch out for prices below 15070 now. On the topside, a current resistance comes in at 15400.
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Our trading ideas for today 28/9/23:
EUR/USD
Long @ 1.0535
Short @ 1.0485
GBP/USD
Long @ 1.2210
Short @ 1.2125
DAX® (GER40)
Long @ 15310
Short @ 15210
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!
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