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Consolidative Trading Week

Dear traders,

Overall, it has been a quiet consolidative trading week with no significant market moves.

While there were no entries in the EUR/USD due to the lackluster price development, trading the GBP/USD has proved somewhat challenging in recent days even though we saw an uptick yesterday with the pound jumping towards the upper border of its sideways range. The reason for the pound’s recent rise were comments from Bank of England policy maker Gertjan Vlieghe who said that the BoE could raise interest rates early next year provided that policy makers see lower unemployment and subdued wage pressures.

We do not expect a change in the market’s muted performance today and recommend traders to secure profits at smaller levels or trade at a lower risk.

Have a nice weekend everyone.

We wish you good trades!

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Copyright © All Rights Reserved 2021 MaiMarFX.

www.maimar.co

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GBP/USD: Vulnerable To Corrections Below 1.4180

Sterling bulls were able to book a good profit Monday with the pound climbing to a high of 1.4158. While one reason for the pound’s strength can be attributed to the relief over Scottish elections, traders should bear in mind that further political clashes over the U.K.’s future might be happening in the months to come. Nicola Sturgeon’s SNP party failed to win an outright majority, but with support from the pro-independence Green party, the SNP would have enough to form a pro-independence majority – a headwind for the pound in the future.

However, what matters at the moment is the U.K. economy and with the country due to be fully re-opened by June 21, more sterling gains are likely. We see a next higher target now at 1.4180 before some correction might be due.

EUR/USD: The euro refrained from a significant dip below 1.2130 and could still head for 1.2250. If the pair falls below 1.2110 it could extend its correction towards the current support around 1.2050.

DAX: The index fell below 15300 and we now focus on lower targets at 15140 and 15100. Below 15080 the index could extend its fall towards 14950. Above 15360 bullish momentum could accelerate.

We wish you good trades!

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www.maimar.co

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How High Can EUR/USD And GBP/USD Go?

The U.S. dollar held losses after Friday’s NFP report missed the market’s high expectations. U.S. jobs rose by only 266K in April while 1 million was projected. What we saw on Friday was a short squeeze as traders gave up on dollar long positions while the weak job number suggest the Federal Reserve will stick to its accommodative monetary policy stance for the time being.

GBP/USD

The best performer was the British pound which broke above the crucial 1.40-resistance on the back of a weakening U.S. dollar on the one side and last week’s Bank of England taper on the other side. From a fundamental perspective, the economic outlook in the U.K. continues to be positive with the country ending its lockdown and vaccinating over half of its population. As for the Scottish independence referendum, Nicola Sturgeon’s National Party fell one seat short of an outright majority after last week’s election, providing some relief for sterling investors. While an independence referendum is not off the table there seems to be no immediate political risk for the pound right now.

Technically, the short-term forecast is bullish – provided that the cable holds above 1.39. We see a next higher target around 1.4150 but for bullish momentum to continue we need to see the pound stabilizing above 1.40. If the pair breaks below 1.3920 chances could shift in favor of the bears.

EUR/USD

The euro stabilized above 1.2130 and could now be on its way towards 1.2250. As long as the pair remains above 1.2040, we favor the uptrend.

DAX

The index trended upwards while the 15500-mark comes back into focus. We will now wait for the DAX to break above the April high at 15518 in order to shift the focus to higher targets beyond 16000. A current support is seen at 15300.

On Wednesday, the U.S. CPI report will be of particular interest with inflation forecast to show an increase in April, putting pressure on the Fed to think about tapering sooner rather than later.

On the same day Bank of England Governor Andrew Bailey is scheduled to give his remarks on monetary policy which could have an impact on the pound.

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2021 MaiMarFX.

www.maimar.co

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Pound Breaks Above 1.40 – What’s Next?

Dear Traders,

The best performer at the beginning of this week was undoubtedly the British pound which took a short glimpse above 1.40 amidst a more upbeat mood among investors regarding Brexit talks. The pound rose to a high of 1.4003 in Asia trading and we are still somewhat skeptical about the potential for further upward movement given an overbought situation. The strong uptrend in the GBP/USD depends not only on the weakness of the U.S. dollar, but also on positive U.K. data.

However, we were able to book a good profit yesterday by trading our long entry.

GBP/USD: Based on the pound’s general strength, we recommend sterling bulls to focus on a price range between 1.4110 and 1.3920. Below 1.3915 we anticipate deeper corrections towards 1.3850.

EUR/USD: The euro traded with a tailwind and rose towards the upper barrier of its current sideways trend channel. If the 1.23-barrier is significantly breached we expect further upside momentum driving the currency towards 1.2365. Current supports are seen at 1.2230, 1.2210 and 1.2165.

The German ZEW Survey is due for release at 10:00 UTC and could have a minor impact on the price action in the euro.

Daily Forex Signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

Profitable Trading Day For Sterling Bulls

Dear Traders,

The euro came under pressure Wednesday after ECB officials addressed the pace of the euro’s rise, which is only natural after the single currency’s rapid appreciation. Governing Council member Ewald Nowotny argued that the appreciation in the single currency ‘is not helping’ the ECB in terms of price stability. The euro dropped below 1.22 after rejecting the 1.23-resistance. Ahead of the ECB’s policy meeting next week, we might see more profit-taking and consolidation in the EUR/USD.

The British pound, on the other side, took out the 1.3850-hurdle on hawkish comments from MPC member Michael Saunders. He said that interest rates will likely have to rise faster than the markets are currently anticipating in 2018. His assumption spurred bullish momentum in the GBP/USD, sending the currency pair to a high of 1.3943. However, with a potential BoE rate hike still several months away, the pound was not able to hold onto its high level and corrected some of its gains. For day-traders, it was a very profitable trading day with both of our yesterday’s long entries hitting their final profit targets.

EUR/USD

Most recently, the euro traded with a downward tilt and we will thus focus on a trading range between 1.2250 and 1.21. A break above 1.2260 could spur further bullish momentum whereas a break below 1.21 could lead to further losses.

Daily Forex Signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

Pound Is Flying High, Next Targets To Watch Out For

Dear Traders,

The British pound extended its gains and jumped higher towards the next hurdle around 1.35-1.3515. Traders who traded the bullish movement yesterday had, however, to struggle with limited upside swings and short-term corrections before the pound was ready for another leg higher. Reportedly, Dublin and London are close to an agreement on the Irish border which will allow Brexit talks to move forward. The Irish border is a main obstacle in separation talks. The latest progress in the divorce talks has thus pushed the pound to fresh highs.

Given the strong rally we anticipate further gains in the GBP/USD. Next higher targets could be at 1.3515 followed by 1.3570. On the bottom side, it would require a renewed break below 1.3250 to reinvigorate bearish momentum.

The EUR/USD found some support near 1.1820 from where a reversal started. As noted in yesterday’s analysis, as long as the euro remains well above 1.18, we favor a bullish bias anticipating higher targets at 1.19 and 1.20. If the euro falls however below 1.1830 and further 1.18, we could see bears taking over.

Euro traders should keep an eye on the Eurozone Consumer Price Index, scheduled for release at 10:00, which could lead to some upside swings in the EUR/USD. From the U.S. we have the PCE deflator scheduled for release at 13:30 UTC which is the Fed’s favored inflation measure.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

British Pound Experiences Roller Coaster Ride On Soft Brexit Speculation

Dear Traders,

The biggest story in the market on Thursday was the British pound which experienced a roller coaster ride. The GBP/USD initially dropped to a low of 1.3121 from where a sharp reversal started, quickly pushing the pound towards 1.33. The reason for the sharp price rise was a report, saying that Europe’s top negotiator may offer the U.K. a two-year Brexit transition period to stay in the single market. Any signs in favor of a soft Brexit are generally positive for the pound, while a hard Brexit is seen as the worst scenario for the U.K. economy. Until only recently the official line had been that there was no major progress in the Brexit discussions.

While Brexit remains the main driver of the pound, traders should keep an eye on the technical picture. GBP/USD is still below 1.33 and once that hurdle is significantly taken out, we could see the pound further rising towards 1.3350 and 1.3450. Sterling bears should however wait for prices below 1.3150.

 

The euro traded range-bound between 1.1870 and 1.1825. ECB President Draghi’s speech failed to have an impact on the euro’s price action. We now expect the EUR/USD to trade between 1.1930 and 1.1830. Sellers should keep an eye on prices below 1.1780 that could lead to further losses towards 1.1730.

Most attention will be paid to the U.S. Consumer Price Report scheduled for release at 12:30 UTC today. Around the release time of this report we expect higher volatility in all USD crosses.

We wish you good trades and a wonderful weekend.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

Profitable Trading Month June

Dear Traders,

The euro and British pound extended their rallies and further strengthened against the struggling U.S. dollar. With the European Central Bank and the Bank of England gradually shifting the tone toward a more hawkish stance, the euro and pound benefited against the greenback.

The EUR/USD approaches 1.15 and if U.S. key inflation data due at 12:30 UTC misses, we could see at least a test of the crucial 1.15-level. The PCE deflator is considered the Federal Reserve’s favorite inflation gauge and analysts expect the annual rate slowed to 1.4 percent.

The EUR/USD trades currently at 1.1445 and if the pair passes 1.1470, we could see the euro heading for a test of 1.15 and possibly even 1.1550. Sellers of the EUR/USD should either enter at higher resistance levels, taking advantage of potential pullbacks or wait for a decline below 1.1370.

Euro traders should keep an eye on the Eurozone Consumer Prices scheduled for release at 9:00 UTC.

The GBP/USD was able to hold above 1.30, at least for the time being. If the price breaks above 1.3060 we expect the cable to head for 1.3120. A crucial resistance is however seen at 1.3240/50. As long as the pair remains above 1.29, there is no cause for concern for sterling bulls.

The U.K. GDP is scheduled for release at 8:30 UTC.

Having gained a very good profit this month by our daily signals we will sit back today and secure our monthly profits. Have a good weekend.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

Euro And British Pound Flying High

Dear Traders,

After the euro’s strong performance from Tuesday, the cable followed with a rise towards 1.30. A reason for the pound’s flight were hawkish rate comments made by Bank of England Governor Carney who said the BoE may need to begin raising interest rates and will debate a move in the next few months. “Some removal of monetary stimulus is likely to become necessary” Carney said on Wednesday in Sintra, Portugal. The pound sharply strengthened in response to his remarks.

Technically, the GBP/USD broke out of its recent downtrend channel and is currently headed towards 1.30. Buyers should pay attention to higher prices above 1.3060 in order to buy pounds towards 1.32. A current support is however seen at 1.28.

Traders who traded the EUR/USD Wednesday had a tumultuous session with the currency pair fluctuating choppily between 1.1390 and 1.1290. Everything from profitable breakouts till loss-making fake-outs was included in yesterday’s trading but at the end of the day, we were able to post a small profit.

Meanwhile, the euro was torn between the market’s (mis)interpretation of Draghi’s recent upbeat remarks, suggesting the beginning of the ECB’s withdrawal from its accommodative policy, and the central bank’s back paddling afterwards. The conflicting ECB signals sent the euro on a roller coaster ride but the follow through of the euro’s latest rally had a greater impact than quelling speculation. Consequently, the euro broke above 1.1390 and tested the 1.1420-level. Given the strong uptrend in the EUR/USD we expect the euro to continue its rally towards 1.15/1.1550. If the pair touches 1.15, sellers may take the opportunity and jump back in. A pullback towards1.13 however, may attract the attention of buyers.

From the Eurozone we have the German Consumer Price scheduled for release at 12:00 UTC, a report which could have an impact on the euro.

The U.S. GDP report due for release at 12:30 UTC will be of interest for dollar traders.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

GBP/USD Ignores Dollar Strength After BoE’s Surprise Divison

Dear Traders,

The market digests the Fed’s hawkish policy shift and sends the U.S. dollar higher. The euro declined on the back of a strengthening dollar and thus, EUR/USD headed towards the lower barrier of its recent sideways trend channel. We now expect a next support to come in at 1.11 and 1.1070. Current resistance levels are however seen at 1.12/1.1225.

While the EUR/USD was the best performer for day traders Thursday, the GBP/USD went on a roller coaster ride after the Bank of England’s split came as a surprise for sterling traders. The pound rose against the dollar after a surprise division within the BoE’s monetary policy committee, with three members of the MPC voting for a rate increase. Given this hawkish shift despite the uncertainty that follows last week’s U.K. election, a rate hike may be closer than the market currently expects. The pound rose towards 1.28 in an initial reaction to the MPC statement. A break above 1.2820 may send the pound higher towards 1.2860 while a sustained rally in the GBP/USD might be difficult given the renewed strength in the USD. Sterling bears may however wait for a renewed break below 1.2720 in order to sell pounds towards 1.2650.

Having gained a good profit this week we recommend securing your weekly profits today.

Have a wonderful weekend!

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co