The greenback was subdued as the U.S. market was on holidays on Monday. Following the NFP report that shrugged of 33,000 jobs in September due to the hurricanes period, the EUR/USD and USD/JPY remain in a narrow range. Meanwhile, the GBP/USD edged higher after a strong negative week.
DAX 30 – Technical Outlook
The German DAX 30 exposed to a new all-time high near the 12992 price level, during the week before and is continuing the buying interest that started from the previous month. The index recorded the fifth bullish week in a row after the pullback on the 11860 support handle.
On the daily timeframe, the RSI indicator lies in the overbought zone with weak momentum, whilst the MACD oscillator holds near the trigger line. If the price climbs above the all-time high, it will manage to challenge the 161.8% Fibonacci extension level of the last downward movement with high at 12953 and low at 11860, near the 13620 price level.
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