U.S. Dollar Lacks Direction
The U.S. dollar was largely flat on Wednesday, providing almost no profitable trading chance. Traders await new catalysts with the U.S. inflation print next week, but this week will bring no major economic releases which is why directional bias is lacking.
EUR/USD: The pair found a short-term support at 1.0722. We recommend traders to wait for a break either below 1.0690 or above 1.0860 to engage.
GBP/USD: The cable shortly broke below the 1.2540-support but was able to stabilize above 1.26 again. As long as the pair remains below 1.2760, we will focus on a renewed break below 1.2540 with a potential test of 1.25.
DAX: The index hoovers around the 17000-mark. Below 16880, we see a greater chance of a dip towards 16800. Bulls on the other side, will watch out for a break above 17080.
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Our trading ideas for today 8/2/24:
EUR/USD
Long @ 1.0810
Short @ 1.0740
GBP/USD
Long @ 1.2660
Short @ 1.2610
DAX® (GER40)
Long @ 16980
Short @ 16930
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.
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