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EUR/USD And GBP/USD: Further Losses Ahead?

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Welcome to a new trading week.

Last week ended with a trend reversal in many currency pairs as market participants rushed to reprice the U.S. dollar’s low price level following the big nonfarm payrolls number. The NFP report last Friday came in as a big surprise with 517k new jobs last month. This rosy labor market data forced the market to curb its push against the Federal Reserve’s credibility, pushing the greenback higher.

The dust settled after last week’s high impact data releases and given the quiet economic outlook this week, we may see some follow through of the fresh trends.

EUR/USD – Entering the support area

After the euro has tested the upper ascending trendline at 1.1030, euro bulls were not able to hold that high level and fell victim to a fresh round of dollar strength. It will now be interesting whether the support area between 1.08 and 1.07 holds. From here we may see another bullish attempt to push to the euro back towards 1.09. However, given the reversal’s strength we prepare for further losses and keep tabs on a potential break below 1.07.

GBP/USD – Double-top pattern following the price cap at 1.2450?

For the double-top pattern to be played out we would need to see a significant break below 1.1840 and further 1.1750. A lower target could then be at around 1.15.

 

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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.

DAX Tests 15200, Pound Sterling Above 1.23

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After several lossmaking fakeouts this week the DAX finally broke above 15200 and is currently testing that level on its hold as a higher support. If the price area between 15150 and 15200 holds, we may see a further leg up towards 15500. On the other side, a significant breakout below 15000 would change the sentiment in favor of the bears.

The best performer yesterday was the British pound which erased previous losses and climbed up to 1.23. Above 1.22, a next higher target is seen at 1.2450.

DAX® (GER40)

Long @ 15230

Short @ 15130

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.

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2023 MaiMarFX.

www.maimar.co

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Loss-Making DAX

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The British pound dropped towards 1.2170 against the greenback and we were able to pocket some profits with two sell orders yesterday. Our short entry in the DAX, however, proved unprofitable which is why we had to record two losing trades. We will now keep an eye on breakouts below 15080 or above 15160.

Let’s see what today has in store in terms of profitable trades.

Our trading ideas for today 17/1/23:

EUR/USD

Long @ 1.0840

Short @ 1.0785

GBP/USD

Long @ 1.2215

Short @ 1.2165

DAX® (GER40)

Long @ 15160

Short @ 15080

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

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.

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2023 MaiMarFX.

www.maimar.co

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GBP/USD: Upcoming Bearish Breakout?

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The GBP/USD is possibly formatting a head-shoulders-pattern with the neckline ranging from 1.21 to 1.2080. The ‘first shoulder’-high was at 1.2345, so if sterling bulls are unable to climb back above 1.2350 in an attempt to break above 1.2450 and 1.25, chances increase significantly in favor of the bears. A break below 1.2080 and further 1.2020 could open the door for a fall towards 1.1750.

Let’s wait and see.

Daily Forex and DAX Signals:

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2022 MaiMarFX.

www.maimar.co

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Have Markets Over-Reacted To Last Week’s Inflation Data?

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Welcome to a new trading week. Risk appetite improved around the world after signs of cooling in U.S. inflation and the prospects of a dovish tilt by the Federal Reserve. The U.S. dollar weakened against other counterparts. However, markets may have over exaggerated last week’s inflation print since a few declines in inflation does not mean that inflation pressure is finally over and that the Fed is shifting from hawkish to dovish. The market’s risk appetite could thus be premature with limited upside in both EUR/USD and GBP/USD.

For the British pound, the U.K. will release inflation data on Wednesday.

GBP/USD

The shift in global risk sentiment and the large dollar sell-off benefitted the pound and sent sterling soaring, lifting it above 1.16 and further to the 1.17-1.19 resistance zone. Sterling bulls should however be careful. U.K. employment and inflation data are on tab this week, leaving the pound vulnerable.

From a technical perspective, the pair is overbought with the current resistance zone ranging from 1.17 to 1.19. We expect any further gains to be limited to a maximum of $ 1.1940. The most likely scenario in our opinion is a correction towards 1.15/1.1450.

EUR/USD

Speculation for a smaller Fed rate hike in December could keep the pair afloat over the coming weeks. However, the pair is overbought, making it vulnerable for a correction toward the parity level. A bullish breakout above 1.0370 on the other side could see a bullish extension towards 1.06.

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.

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2022 MaiMarFX.

www.maimar.co

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Bullish Breakout

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The British pound experienced a bullish breakout despite the Bank of England which disappointed with a 25bp rate hike move. U.K. inflation is expected to hit as high as 11% later this year. The BoE however signaled that it is prepared to unleash larger moves if needed. Trading the cable was messy yesterday, with an initial bearish move towards 1.2040 that quickly reversed and now the pair is trading above 1.23. In other words, we weren’t able to catch the big gain we were looking for.

GBP/USD tested the 1.24-resistance from where it bounced off. If the pair holds above 1.2250/1.22, sterling bulls may try to push for a test of 1.25. Below 1.2140 however, we expect the pair to head south with lower targets seen at 1.1950 and 1.19.

The EUR/USD rose on more hawkish ECB expectations and tested the 1.06-level. As long as the 1.0350-support holds, gains could be extended towards 1.07 and 1.08.

Have a good weekend.

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2022 MaiMarFX.

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Is The Pound Sterling Overvalued?

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The pound sterling corrected some of its recent gains against the U.S. dollar after the GBP/USD failed to break above 1.2660. As we stated in previous analysis, we expect an even stronger correction that may lead to a slide back towards 1.24 in the near-term. Some investors are even most bearish on the pound, saying the market has to go much further in pricing out Bank of England rate hikes. Some market participants think that the pound is overvalued in the long-term pointing on concerns over U.K. financial imbalances.

However, from a technical point of view the GBP/USD remains in a downtrend with a next resistance seen at 1.2680. Sterling bulls may prefer to wait until 1.27 is cleared to jump in on buy attempts toward 1.30.

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GBP/USD

Long @ 1.2620

Short @ 1.2560

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2022 MaiMarFX.

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GBP/USD Heads Towards 1.33, Entering Overbought Territory

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Overall, Tuesday has been a profitable day with two profitable long positions in the GBP/USD and DAX. The only loser was the EUR/USD where we had to record a losing trade with our buy attempt.

GBP/USD: Sterling bulls should be careful since the pair entered overbought territory, making corrections more likely now. However, if the cable can hold above 1.3180, we could see further gains towards 1.3450. Below 1.3170, bears are back in control.

Daily Forex, DAX And Crypto Signals:

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

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.

Try out our new signals for cryptocurrencies:

ETH/USD

Long @ 2990

Short @ 2930

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2022 MaiMarFX.

www.maimar.co

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British Pound Depreciates After Fresh Restrictions

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Wednesday’s worst performer was the British pound which fell to an annual low after U.K. Prime Minister Boris Johnson tightened pandemic rules. Traders were able to profit with our short entry at 1.3230. If GBP/USD is unable to stabilize above 1.3250, we expect at least a test of 1.3150. Falling below 1.3140 will shift the focus to the lower crucial 1.30-mark.

Traders should brace for heightened volatility in the next days as we have tomorrow’s U.S. consumer inflation numbers on tab followed by a crucial Federal Reserve meeting next week.

The EUR/USD recovered some of its recent losses after the 1.1230-zone proved to hold as a support. The pair now faces a crucial resistance area between 1.1370 and 1.1430 that could attract sellers.

 

Daily Forex Signals:

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

 

Try out our new signals for cryptocurrencies:

ETH/USD

Long @ 4390

Short @ 4340

We wish you good trades!

Any and all liability of the author is excluded.

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Traders See British Pound to Fall to 1.30 By Year-end

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The British pound wasn’t able to stabilize above 1.3660 and fell back below 1.36 amid speculation that the prospect of several Bank of England rate hikes would darken the outlook for growth and consumer sentiment. Consumers are already grappling with soaring energy prices and supply chain disruptions and a BoE tightening within that slowdown is by many strategists seen as a mistake. Some traders brace for the pound to fall toward 1.30 by year-end.

In short, a wave of bets against sterling is starting to build and we are curious to see where the pound is headed for in the next weeks and months.

Currently we see the 1.34-1.3370 area as a support zone in the GBP/USD while a break below 1.3370 could lead to further losses toward 1.32.

Daily Forex Signals:

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2021 MaiMarFX.

www.maimar.co

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