February 10th – 14th
EURUSD pair closed last week’s trading session unchanged on mixed economic indicators from both, Europe and USA. The European CPI came out higher than expectation adding on a hawkish sentiment on market expectations that ECB will maintain interest rates unchanged for longer. The US nonfarm payroll came below expectation with the Hourly earning higher, balancing reaction on the US Dollar and finally closing the week on the same level.
As for this week, traders and investors will mainly focus on US CPI release, FED’s Powell speech and ECB’s Lagarde speech. We are expecting the pair to remain within the last two weeks’ range given that nothing unexpected will happen.
On the economic calendar we have on Wednesday, the US CPI with expectations to become lower at 0.3% On Thursday, German Harmonized index of consumer prices expected to remain unchanged at 2.8% and US PPI unchanged at 3.5% On Friday, European gross domestic product to remain unchanged at 0.9% and US retail sales lower at 0%
Technically the picture is negative after last week’s close below (23.6%) at 1.0328 In this week’s trading session if pair trades on the upside will test 1.0470 (38.2%) A break out and close above 1,0470 will change the picture to positive and open the road for 1.0651 If trades on the downside will test 1.0180 A break and close below 1.0180 will add downside pressure and test 1.0100 Our traders are net long with positions between 1.0767 – 1.0380 targeting profits above 1.1000 We are expecting new short positions above 1.0651 and more aggressive long positions on the way down.
GBPUSD pair closed last week’s trading session unchanged after a choppy trading session given the mixed economic releases from US and BOE’s 0.25% interest rate cut. The interest rate cut was widely expected and anticipated by markets so the reaction was limited even thought nine out of nine MPs have voted for a rate cut. The fact that none of the MPs have voted to keep rates unchanged is another indicator for another rate cut in the next BOE meeting.
As for this week, traders and investors will mainly focus on US CPI release, FED’s Powell speech and BOE’s Governor Bailey speech. We are expecting the pair to remain within the last two weeks’ range given that nothing unexpected will happen.
On the economic calendar we have on Wednesday, the US CPI with expectations to become lower at 0.3% On Thursday, UK Gross domestic product expected lower at -0.1% and US PPI unchanged at 3.5% On Friday, US retail sales expected lower at 0%
Technically the pair’s overall picture is negative after last week’s close below 38.2% at 1.2398 As for this week, if pair trades on the upside, will test 1.2566 (50%) A break and close above 1.2566 will change the picture to positive and will open the road for 1.2677 Alternative, if trades on the downside, will test 1.2319 (23.6%) A break and close below 1.2319 will open the road for 1.2100 Our traders are net long between 1.3038 and 1.2458 targeting profits above 1.3038 We are expecting new short positions above 1.2677 and more aggressive long positions on the way down.
Per un calendario economico più dettagliato, visitate il nostro calendario economico in tempo reale su:
https://tentrade.com/economic-calendar/
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