U.S. Inflation data In Focus

Dear traders,

Monday’s trading was quiet with the U.S. dollar slightly appreciating versus its peers but without any profitable trading chances. Volatility was also muted due to a public holiday in the U.S. Monday, so let’s see what Tuesday brings.

We will keep an eye on the U.S. inflation rate release today at 12:30 UTC.

Investors weigh a potential setback on progress toward a coronavirus vaccine after a report that Johnson & Johnson’s Covid-19 vaccine study has been paused due to an unexplained illness in a participant. Any delay in the Covid-19 vaccine progress is generally considered dollar positive.

The uncertainty around the U.S. election and uncertainty about the timing and effectiveness of a vaccine will be the main market movers.

EUR/USD: Resistance is currently seen at 1.18 whereas the pair may find a short-term support at 1.1770.

GBP/USD: Cable has a strong support-zone between 1.30-1.2950. For accelerated bullish momentum we will need to see the pair trading above 1.3070 with a higher target at 1.3115.

DAX: If the index falls back below 13050, we may see a dip towards 13000. Remaining above 13100 higher targets could be at 13220.


We wish you good trades!

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