Week Ahead February 5 – 9
EURUSD pair closed last week’s trading session lower on better than expected US non-farm payrolls. The US white collar labor market continues to gather strength although the jobless claims points higher. FED maintained interest rates unchanged as it was widely expected and failed to deliver any future policy change. European CPI came out softer than expectations and this kept the pair lower for last week’s session.
As for this week, traders and investors will trade within technical levels. The light economic calendar will be dominated by few speeches from FED’s and ECB’s officials. The lack of any high impact events will keep market moving with tide levels.
On the economic calendar we have on Monday the US ISM services PMI pointing higher at 52 On Tuesday European retail sales to remain the same at -1.1% On Friday, German Harmonized index of consumer prices to remain unchanged at 3.1%
Technically the picture remains neutral after last week’s close above (38.2%) at 1.078 In this week’s trading session if pair continues on the downside will test 1.0763 (38.2%) If resumes on the upside it will retest 1.0858 (50%) Our traders still long at 1.0861 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 lower on better than expected non-farm payrolls in the US both central banks, the FED and BOE maintained interest rates unchanged as it was widely expected with not any future policy change.
As for this week, traders and investors will continue trade with technical levels. The lack of any high impact events will keep pair with the same price range. FED’s and BOE’s officials are due to speak through the week, although we do not expect any change in their language.
On the economic calendar we have on Monday the US ISM services PMI pointing higher at 52 On Tuesday, UK BRC Like- for-like retail sales pointing at 1.9%
Technically the pair’s overall picture is positive after last week’s close above (50%) at 1.2632 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 1.2596 (50%) 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/
*The material does not contain an offer of, or solicitation for, a transaction in any financial instruments. TenTrade accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all your invested capital, so please make sure that you fully understand the risks involved.
