Wednesday has been a highly profitable trading day for us as we were able to catch a 100-points-gain while trading the dip in the DAX while elsewhere, all profit targets in the EUR/USD and GBP/USD have been reached as well. The ADP report came in better than expected and although the impact on the greenback was minimal, traders brace for stronger non-farm payrolls tomorrow. These expectations could buoy the U.S. dollar ahead of Friday’s report.
Additionally, the U.S. debt ceiling and the risk of a standoff between the Democrats and Republicans is adding uncertainty. This game of chicken is likely to accompany us through the end of this year.
The index stopped its fall shy of 14800. A break below 14800 would have generated a stronger sell signal but now that the imminent danger of such break is over, we see a strong rebound towards 15200. For bullish action to resume we must see a break above 15300. A higher target is seen at 15600. On the downside, we would now wait for a break below 14750 in order to shift our focus to 14400.
The euro follows its steeper downtrend channel with a lower target now seen at 1.1480. If the pair is, however, able to stabilize above 1.1610 we could see a run for 1.17.
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