Quieter Trading Conditions Ahead?
We wish you all a good and healthy summer month of July.
The U.S. dollar slightly weakened against other counterparts after Friday’s highly-anticipated US Core PCE data met market forecasts. The next driver could be this week’s U.S. nonfarm payrolls, due to be released on Friday, but US markets are closed on Thursday, so this month’s job report may not get the usual attention as traders extend their Independence Day holiday.
We entered the summer doldrums which is why we may face quieter trading conditions. Therefore, we will not invest much, trade with smaller positions and don’t trade every day.
EUR/USD: A next resistance comes in at around 1.08. Bulls will wait for a break above 1.0820. A support is however seen at 1.0660. We will keep an eye on price breaks below 1.0640.
GBP/USD: The support at around 1.2610 has proved to hold. For a potential next leg lower we recommend waiting for a break below 1.2570. Sterling bulls, on the other side, may engage above 1.2670 until 1.27.
DAX: A next resistance is seen at 18450 from where a correction might be due. A break above 18460, however, could see accelerated momentum until 18600. A short-term support, on the downside, could come in at 18200.
Daily Forex and DAX Signals:
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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.
