Short Traders Profit Amid Increasing Risk Aversion
Dear traders,
Investors mulled the possibility that a U.S. fiscal-relief package might be delayed and the U.S. dollar advanced amid increasing risk aversion.
On the pandemic front, vaccine coverage won’t reach a point that would stop transmission of the virus in the foreseeable future, the World Health Organization said Monday.
Short traders in the EUR/USD, GBP/USD and DAX were able to take some profits with the DAX being the worst performer yesterday. The index dropped more than 3 percent to a low of 13600 and if there is a sustained decline below 13600, we brace for lower targets at 13450-13400 and 13300.
EUR/USD: After the pair failed to overcome the 1.22-mark, a correction was inevitable. Lower targets are now at 1.2050 and 1.1950, whereas on the upside we see a short-term resistance at around 1.2240.
GBP/USD: Traders should pay attention to price breaks either above 1.37 or below 1.36 which could invigorate fresh momentum.
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