While both EUR/USD and GBP/USD, as well as the DAX ended yesterday’s trading day virtually unchanged, traders in the DAX had to struggle with choppy sideways fluctuations. Later in the day we saw the DAX testing a lower support at around 14400 before rebounding towards 14500. From a technical perspective, we still see a short-term support at around 14450 and if the index fails to hold above that level, lower targets are seen at 14310 and 14200.
EUR/USD: The pair remained confined to a very small trading range between 1.1940 and 1.1910.
GBP/USD: The cable marked a short-term resistance at 1.3950 before falling back below 1.39. Earlier this morning we saw the pair testing the support area at around 1.3850 and now after the pair dropped below 1.3840, we will focus on a lower target at 1.3780.
Volatility could pick up today, so we might get some profitable trading chances.
Traders will also watch U.S. Retail Sales today at 12:30 UTC which could have an impact on USD crosses.
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