On a day where we get the UK GDP numbers, the Initial Jobless Claims number coming out of the United States, and a handful of mid-level announcements, we are watching the following 3 assets:
GBP/USD
Looking at the British pound, we could get a bit of a move. However, there is a little bit of resistance above, so a pullback is possible. It appears that recently call buyers have been buying those pullbacks as value.
DAX
We finally did it: the DAX broke out. It’s obvious that the call buyers are in control and pullbacks should be called buying opportunities. The €11,675 level below should serve as a floor going forward.
EUR/USD
The Euro continues to go back and forth just below the 1.0750 level. If we can break above there, the market should continue to go higher, as call buyers will be encouraged. Alternately, if we breakdown below the 1.07 level, the market could drop back down to the 1.06 handle.
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