This volatile week started on a very profitable note. We booked an 80-points gain with the DAX’s slide and a 40-pips gain with the fall in the GBP/USD. We will secure some of these profits.
We know that following strong movements on a Monday we often see counter movements on a Tuesday – the so-called ‘Turnaround Tuesday’. So, what could we see today after yesterday’s bearish slide? Traders know the answer ;)
GBP/USD – Due for a correction amid a potential Turnaround Tuesday?
We bear in mind that the pair remains oversold which would justify a correction. However, the support area ranges from 1.3440 to 1.3370, so bears might push sterling a little lower before more bulls jump in.
DAX – Breaking all but one support
The index dropped like a stone and broke below 15300 and further below 15000. The fall stopped however shortly before the 14800-support which is also an ascending trendline of the DAX’s primary uptrend. If 14800 breaks, the next lower target will be 14400 followed by 14000. For the bullish trend to strengthen we will need to see a price stabilization above 15800.
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