Tuesday will be a handful of announcements coming out of the European Union, and that of course can have an effect on both the Euro and the European indices. At this point, we believe that most traders will be of the shorter-term variety.
DAX struggles
The DAX struggles yet again at the €10,000 level, and it now looks as if it’s going to be a massive fight to get above there. If we can break above the top of the range for the Monday session, we feel the call buying opportunities will exist as it will show a major breach of resistance by German stock traders.
USD/JPY finding support
The USD/JPY pair seems to have found support at the 111 level, which is the bottom of the larger consolidation area. Because of this, we are buyers of calls on a break above the top of the range for the Monday session, as we believe the market will try to reach to the 114.50 level eventually.
USD/CAD bouncing
The USD/CAD pair bounced yet again during the session on Monday, as it looks like we are ready to continue to try to grind our way back to the 1.34 level. We are buyers of calls on a break above the top of the range for the Monday session.
