Summer Doldrums
As expected, volatility remained at very muted levels in the past three days. Even though the focus now shifts to the U.S. jobs data, we recommend traders not to invest too much or consider a summer trading break.
The Federal Reserve minutes reinforced the central bank’s hawkish stance with almost all Fed officials indicating that further tightening is likely. The dollar received a slight uplift yesterday.
EUR/USD: As long as the euro remains below 1.1050, we favor a bearish bias with a lower crucial target at 1.05.
GBP/USD: The cable consolidated between 1.2760 and 1.2590. We will wait for price breakouts above or below this range.
DAX: The index corrected its recent gains and fell back below 16000. As long as it remains above 15700, we anticipate a bullish swing back until at least 16150.
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.
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