U.S. Dollar Halted Loss Ahead Of Midterm Elections

The U.S. dollar halted its recent loss as investors awaited the midterm elections. The potential gridlock in government has been historically good for U.S. stocks.

EUR/USD

The euro traded around the parity level and any price breakouts either above 1.01 or below 0.99 will attract our attention. Above 1.01 a higher target will be at 1.0180. Below 0.9870 a lower target will be at 0.98.

GBP/USD

As long as the cable remains below 1.16, we favor the downtrend with a next lower target seen at 1.1250. Above 1.1650 however, we will pencil in a higher target at 1.1850.

Our trading ideas for today 8/11/22:

EUR/USD

Long @ 1.0040

Short @ 0.9985

GBP/USD

Long @ 1.1510

Short @ 1.1460

DAX® (GER40)

Long @ 13560

Short @ 13510

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.