What a lackluster price development!
The GBP/USD’s minor correction ended at a daily low at 1.2577, failing to provide a sustained profit to short trades. The focus however still remains on an upside break above 1.2680 with a following higher target seen at 1.2720.
The EUR/USD found a short-term support at 1.0940 but for the euro’s sideways sentiment to change we would need to see a clear break either above 1.11 or below 1.09.
Elsewhere, there was nothing new in the DAX. The 16000-barrier seems to be a hard nut to crack for bulls – for now.
We will have the U.S. CPI release today at 12:30 UTC. Forecasts see a slight decline in the core gauge to 5.5 percent form 5.6 percent. Thus, chances are slightly in favor of further upward momentum in both currency pairs. In case of a disappointing reading, however, the dollar will surge.
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.
Our trading ideas for today 10/5/23:
Long @ 1.0975
Short @ 1.0940
Long @ 1.2630
Short @ 1.2585
Long @ 15990
Short @ 15930
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 2023 MaiMarFX.
Follow us on social media: