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Breakout Pressure

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Trading ranges have been extremely narrow in recent days amid low volatility, not only in many currency pairs but also in prominent indices such as the S&P 500 or DAX. After days of these unfavorable trading conditions, breakout pressure is building.

DAX: The index remained above 14400 which could point to an upcoming bullish breakout towards 15000. We will go for greater profits today, after the DAX has spent days in consolidation mode.

GBP/USD: The cable’s support at 1.24 remains intact and following yesterday’s dip towards 1.2420 the pair recovered losses and climbed back towards 1.26. Next bullish breakout levels will be at 1.2615 and 1.2670. A break above 1.2670 could revive bullish momentum with a higher target at 1.2850. Bears will however pay attention to a significant break below 1.24.

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Monthly results 2022:

May 2022: +172 pips

April 2022: +111 pips

March 2022: +689 pips

February 2022: +531 pips

January 2022: +766 pips

 

Results 2021:

December 2021: +61 pips

November 2021: +452 pips

October 2021: +165 pips

September 2021: +578 pips

August 2021: +135 pips

July 2021: +34 pips

June 2021: +264 pips

May 2021: +528 pips

April 2021: +278 pips

March 2021: +45 pips

February 2021: +42 pips

January 2021: +472 pips

 

Results 2020:

December 2020: +318 pips

November 2020: +75 pips

October 2020: +432 pips

 

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EUR/USD: Bearish Breakout Below 1.13

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The U.S. dollar rally continues and while king dollar remains bid, the EUR/USD sells off even more aggressively this morning. With Austria and Germany imposing restrictions on unvaccinated people and with the European Central bank lagging behind the Federal Reserve in tightening its monetary policy there is very little demand for euros right now.

EUR/USD – Breakout below 1.13

If the euro now remains below 1.1370, we will prepare for a lower target at around 1.1220. Caution is however warranted since the pair is deeply oversold.

GBP/USD – Struggles to overcome 1.3450

We see chances shifting in favor of the bears in case the cable isn’t able to stabilize above the 1.3450-level. For bears it will be important that sterling breaks again below 1.3390 in order to expect lower targets at 1.33 and 1.32. Any bullish attempt on the other side, could end with a test of 1.35 – at least in the short-term.

We wish you good trades!

Try out our new signals for cryptocurrencies:

ETH/USD

Long @ 4260

Short @ 4125

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Breakout-Mode

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Bitcoin set an all-time high while the U.S. dollar remained lower.

The British pound corrected gains until 1.3742 after U.K. inflation figures didn’t surprise to the upside but sterling was able to recoup previous losses towards the end of the day. High price pressures remain however a problem and investors brace for upcoming Bank of England rate hikes. As long as the GBP/USD remains above 1.37 we pencil in higher targets until 1.39.

The EUR/USD stabilized above 1.16 and bulls may sense the chance of a next leg up toward 1.17. A potential test of 1.17 could be in the cards provided that the euro holds above 1.1640.

DAX- Time for a breakout?

The index recently consolidated between 15600 and 15400 and we now see chances of upcoming price breakouts. A new rise above 15560 could spur bullish momentum towards 15600 and may lead to a break of the October high at 15633. Above 15630 we see chances of a run for 16000. On the downside and below 15480, the index could fall toward 15380. Below 15300 we expect further losses 15000.

We wish you good trades!

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Profitable Trades

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We got what we have been braced for: A profitable breakout in both EUR/USD and GBP/USD. The surprise strength in U.S. retail sales raised the prospect of a Federal Reserve taper and thus strengthened the U.S. dollar. The Fed’s FOMC meeting next week is now another possible source of volatility as market participants await clues about the taper time-line and eventually interest rate hikes.

EUR/USD

The euro dropped below 1.18 and extended its slide to the support zone around 1.1750. We went short at 1.1790 and took advantage of that bearish move.

We also went short at 1.3820 in the GBP/USD yesterday and profited from the greenback’s strength until 1.3780.

Today we will save our weekly profit and will wait for the next week to offer some profitable movements.

Good weekend everyone.

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We wish you good trades!

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EUR/USD: Getting Into Breakout Mode?

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There was nothing to gain for daytraders with volatility remaining at very muted levels.

The EUR/USD was stuck in a narrow trading range but while the pair may continue to consolidate ahead of tomorrow’s ECB decision, we see chances of upcoming technical breakouts, providing profitable trading opportunities.

We will watch out for a renewed break above 1.2190 that could revive bullish momentum towards 1.2240. Above 1.2270, the next higher target is 1.2350. On the downside, below 1.2140 and further 1.2120 it will be interesting whether the short-term support at 1.21 holds. A bearish break of 1.2090 could open the door to further losses towards 1.20.

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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We wish you good trades!

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EUR/USD: Time For A Breakout?

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The euro traded with a tailwind against the U.S. dollar pushing EUR/USD slightly above the 1.2250-resistance.

Is it time for a breakout?

Maybe, at least when looking at the EUR/USD chart in shorter time frames. Prices narrowed and are formatting a symmetrical triangle in the early morning hours that could predict upcoming price breakouts. A sustained break above 1.2260 could revive bullish action and lead to a test of 1.23. Above 1.2315, the euro may head towards 1.2380 but given thin liquidity conditions this week, traders should not expect big gains. On the downside, if the euro falls back below 1.2235, we may see a correction towards 1.22 and 1.2160.

GBP/USD – Trading boringly sideways

Traders in the cable had nothing interesting to tell lately with the pair being confined to a sideways trading range between 1.4235 and 1.41. We will wait for prices either above 1.4250 or below 1.4070 in order to set new price targets.

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We wish you good trades!

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GBP/USD: Upcoming Price Breakouts?

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Dear Traders,

The U.S. dollar slightly advanced against the euro and British pound as investors assessed the impact of proposed tax cuts. The next big risk event on the calendar will be Friday’s U.S. jobs report while the release of the ADP Employment Change (due today at 13:15 UTC) may provide a foretaste of what to expect from Friday’s report.

The pound sterling fell to a low of 1.3370 amid stalled Brexit negotiations but it was finally able to end the trading day above 1.34. Brexit talks will continue today and as long as negotiations do not make sufficient progress the pound could remain under pressure.

GBP/USD

Looking at the technical picture we currently see a higher likelihood of potential price breakouts. Based on a symmetrical triangle in the 4-hour chart, these breakouts could happen to either side. Above 1.3460 we anticipate accelerated bullish momentum driving the currency pair towards 1.3515. Below 1.3415 however, we will focus on further losses targeting at 1.3320.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

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Euro And Pound Soar Amid Low Liquidity

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Dear Traders,

The euro and pound sterling have soared to fresh highs amid low trading volumes. The upward movement in both EUR/USD and GBP/USD was not only driven by low liquidity but also by a weakening U.S. dollar. While trading volume was low with most U.S. market participants being offline for the long holiday weekend, we saw some remarkable movement Wednesday providing us profitable trades. There was some dovish tilt in the Fed minutes which contributed to the dollar’s weakness. While a rate increase in December is almost certain, there was some concern that price pressures would fall short of the Fed’s inflation target for longer. Those remarks cooled rate hike expectations for 2018 and drove the dollar lower in turn.

The EUR/USD broke out of its recent downtrend channel and rose towards 1.1840. Whether we will see a follow-through of the recent upward trend remains to be seen but should be viewed with a critical eye. We expect a next resistance to come in at 1.1880, provided that the euro breaks the 1.1840-barrier significantly. However, given the quiet trading conditions we recommend not expecting too much. A current support is seen at 1.1750.

The GBP/USD headed towards the 1.3340-threshold and it will be interesting now whether the cable is able to break the 1.3350-level significantly or bounces back from its highs. Above 1.3360 we expect accelerated bullish momentum towards 1.34 and 1.3450. A near-term support is however seen at 1.3250.

The U.K. GDP report is due for release at 9:30 UTC and could have a major impact on the pound provided that changes are made to the revisions.

Most action is expected to take place during the European trading hours while trading should be quieter afterwards. Happy Thanksgiving to all of our U.S. traders!

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

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Chances For Breakouts Increase After Yesterday’s Consolidation

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Dear Traders,

Not much has happened on Thursday apart from several false break-outs that have led to a poor performance. It seemed that the currency market took a breather before establishing new trends. Both major currency pairs traded sideways within narrow ranges and strained trader’s nerves. Only this morning we saw a slight upward trend, driving the euro toward 1.1070 and the cable above 1.40. Currently we are looking for break-outs above 1.1080 in the EUR/USD and above 1.4020 in the GBP/USD.

Nevertheless, euro traders should be cautious with bullish engagements below 1.11/1.1120 as the euro is likely to come under pressure ahead of the next European Central Bank meeting in March considering the ECB’s easing bias. Bullish momentum could thus be limited until 1.1150. Before heading towards the 1.11-level a small hurdle could be at 1.1092. On the bottom side the 1.10-level remains in focus.

The GBP/USD trades currently around the 1.40-level. If the pair is able to break above 1.4020/35 we may see a relief rally towards 1.4085 and 1.4120. A current support could be at 1.3920 and sterling bears should wait for a significant break below 1.39/1.3880 in order to sell GBP toward lower targets.

The performance of the U.S. dollar will mainly hinge on important economic data, such as GDP reports, scheduled for release at 13:30 GMT as well as spending figures and PCE indices, due at 15:00 GMT. In case of any surprises we could see strong fluctuations in the greenback.

Euro traders should keep an eye on German Consumer Prices scheduled for release at 13:00 GMT.

We wish you profitable trades and a beautiful weekend.

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