Super Wednesday

As expected, the EUR/USD sold off and fell to our next lower target at 1.0725. The downtrend in the euro picked up steam following French President Macron’s defeat and the surprise announcement of snap elections in France.

Today we have the so called “Super Wednesday” when traders prepare for increased volatility with both the release of U.S. inflation data and the Fed meeting in the offing.

The Federal Reserve is expected to maintain a hawkish stance following the strong U.S. labor market data from last Friday. While interest rates are expected to stay unchanged, the focus will be on the Fed’s monetary policy statement and Fed Chair Jerome Powell’s comments for clues about future monetary policy guidance.

EUR/USD: Traders now wait for a clear break below 1.07 in order to engage in a new round of selling. We recommend to wait at least for a break below 1.0690 in order to sell the pair towards 1.0670 in a first, and towards 1.0640 in a second step. The next crucial support is however seen at 1.06.

DAX: The index has recently corrected and fell slightly below 18300. We see an even more important support at the EMA100 at around 18200 from where buyers could jump back in. For buyers, we recommend to take profit at around 18500 – for now.

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Our trading ideas for today 12/6/24:


Long @ 1.0785

Short @ 1.0730


Long @ 1.2765

Short @ 1.2725


Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40

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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