Week Ahead February 12 – 16
EURUSD pair closed last week’s trading session unchanged on the lack of any high impact economic releases from both sides, Europe and the US. The scheduled FED and ECB officials’ speeches during last week did not generate any volatility as the language they used was the same and online with central banks’ monetary policy.
As for this week, traders and investors will mainly focus on the inflation numbers from both the US and Europe. The heavy economic calendar ahead will create some volatility and give the chance for opening new positions. FED and ECB officials are due to speak through the week although we do not expect this to affect the pair’s exchange rate.
On the economic calendar we have on Tuesday, the US Consume price index pointing lower at 3.8% On Wednesday, European gross domestic product unchanged at 0% On Thursday, US retail sales expected lower at -0.1% On Friday, US producer price index lower at 1.6% and Michigan consumer sentiment higher at 80
Technically the picture remains neutral after last week’s close above (38.2%) at 1.0784 In this week’s trading session if pair continues on the downside will test 1.0732 If resumes on the upside it will retest 1.0858 (50%) Our traders still long at 1.0861 and 1.0762 targeting profits at 1.1100 We are expecting more aggressive long positions on the way down and new short positions at 1.1100
GBPUSD pair closed last week’s trading session unchanged on the lack of any high impact economic releases from both sides, the UK and the US. The scheduled FED and BOE officials’ speeches during last week did not generate any volatility as the language they used was the same and online with central banks’ monetary policy.
As for this week, traders and investors will mainly focus on the inflation numbers from both the US and the UK. The heavy economic calendar ahead will create some volatility and give the chance for opening new positions. FED and BOE officials are due to speak through the week although we do not expect this to affect the pair’s exchange rate.
On the economic calendar we have on Tuesday, the UK ILO unemployment rate pointing lower at 4% and US Consume price index pointing lower at 3.8% On Wednesday, UK core consumer prices index expected higher at 5.2% On Thursday, UK gross domestic product expected lower at -0.1% and US retail sales expected lower at -0.1% On Friday, UK retail sales higher by 1.5%, US producer price index lower at 1.6% and Michigan consumer sentiment higher at 80
Technically the pair’s overall picture is positive after last week’s close above (50%) at 1.2630 As for this week, if pair resumes on the upside, will test 1.2723 A break and close above (61.8%) will accelerate gains and open the road for 1.3126 Alternative, if continues on the downside, will retest 1.2531 Our traders stay with short positions at 1.2723 targeting profits at 1.2500. We are expecting more aggressive short sellers above 1.2900 targeting profits at 1.2500 and long positions at 1.2460 targeting profits at 1.2825
For more detailed economic calendar events please visit our live economic calendar on:
https://tentrade.com/economic-calendar/
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