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The US dollar failed to defeat the sellers yesterday. Therefore, it will most likely continue to weaken against the euro and the pound sterling.
The only data that was released in the economic calendar was the open vacancies in the United States, where the forecasted decline was from 6 527 thousand to 6 500 thousand. But instead of that, it grew by 6 646 thousand, which is considered a positive factor for a further decline in the unemployment rate.
However, the market did not make a reaction to the flow of statistical data.
What happened on the trading chart?
The EUR/USD pair expectedly continued to rise in the direction of 1.2130/1.2150, which should lower the volume of long positions (buy positions) in the long-term.
It is fair to note that the quote found a pivot point at 1.1950 last Friday, where the correctional movement of the high of the medium-term stopped, causing a pullback.
The GBP/USD pair continues to update the high of the mid-term upward trend, regardless of the pound's high overboughtness. In this situation, there is speculative interest, since otherwise, the technical correction should begin now.
In fact, the pound is growing faster than its competitors and is already moving around the high of 2018, albeit the resulting problems within the UK.
Trading recommendations on EUR/USD and GBP/USD for February 10, 2021
The inflation data in the United States will be published today. It is expected to rise from 1.4% to 1.5%, which may positively affect the value of the US dollar.
13:30 Universal time - Inflation data
If we analyze the current trading chart of the EUR/USD, it can be seen that the quote moves within the area of 1.2130/1.2150, which may negatively affect buyers in the future, leading to a reduction in the volume of long positions and a reversal of the quote in the direction of 1.2050/1.2000.
An alternative scenario of the market development considers the retention of the quote on the ascending path, where the coordinates of 1.2130/1.2190 can be used as the borders of the lateral oscillation.
It should be noted that euro's recovery relative to the corrective move 1.2349 ---> 1.1950 will be actively discussed after the price is held above the level of 1.2200 for a four-hour period.
As for the current trading chart of the GBP/USD, one can observe that the quote slowed down the growth around the level of 1.3830, forming a local pullback. For another upturn to occur, speculators need to break through the level of 1.3850, which will open the way towards the direction of 1.2900-1.2950.
The pound is very overheated, and so, it is suggested to be extremely careful with long positions, since a technical correction may possibly occur soon.
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