U.S. Dollar Strength To Continue?
The U.S. dollar continued its climb against the euro and British pound which was mainly due to higher Treasury yields.
The EUR/USD fell below 1.0760 and extended its tailspin towards 1.07. The area around 1.0660 is seen as a next lower support, whereas on the upside, the 1.0850-70 zone may serve as a resistance for now.
The pound sterling dropped below 1.2540 and further towards 1.2480. We see a next lower target at around 1.2440. A short-term resistance is however seen at 1.2550.
In the DAX there is nothing new to report since it remains trading within its sideways trading range between 16300 and 15600.
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Our trading ideas for today 7/9/23:
EUR/USD
Long @ 1.0760
Short @ 1.0715
GBP/USD
Long @ 1.2530
Short @ 1.2490
DAX® (GER40)
Long @ 15760
Short @ 15670
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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