Two Trades To Watch: DAX, GBP/USD

The price has fallen through its 50 sma on the 4 hour chart and the RSI is also in negative territory and pointing southwards. The bias is to the downside with further weakness towards 1.36 possible.

First strong support at 1.3630 the confluence of the 100 sma and the ascending trend line needs to be overcome. A move below 1.3520 would indicate the start of a deeper pullback.

On the flipside any attempted rebound could see resistance tested at 1.37 prior to the multi year high of 1.3750.

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