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The US dollar continued to lose value yesterday, which ultimately led to significant changes in the market.
The economic calendar only released December's volume of industrial production data in Germany, where the previous data was revised for the better – from 0.9% to 1.5%. However, the current indicator came out at a zero figure, although it was forecasted to rise by 0.3%.
The above-mentioned data were extremely informative, as market participants always look at the overall figure across Europe.
What happened on the trading chart?
The EUR/USD pair moved along the pullback direction from the local low of the correction course, where the quote managed to consolidate above the price area of 1.2050/1.2070, making long positions attractive.
The GBP/USD pair did not only return to the area of the high of the medium-trend, but also updated it, which has not happened on the market for a long time. The speculative hype, as well as the pound's overbought status, goes off scale, and this may result in an uncontrolled technical correction in the future.
Trading recommendations on EUR/USD and GBP/USD for February 9, 2021
Today, the only data to be published is the open job vacancies in the United States. Unfortunately, it only has insignificant changes, so market participants will not notice this news.
15:00 Universal Time: Number of open vacancies in the JOLTS labor market in December – 6, 527 thousand (prev) ---> 6, 500 thousand (forecast).
This is where the statistics flow ends. Tomorrow, the US inflation data will be published, which will be the most important event of this week.
If we analyze the current trading chart of the EUR/USD, it can be seen that there is still an upward interest in the market, which may lead the quotes in the range of 1.2130 - 1.2150, where a slowdown, with the restoration of the main correctional movement, will occur.
Traders will consider the recovery process of the corrective move if the quotes are kept above the level of 1.2190 for a four-hour period.
As for the current trading chart of the GBP/USD, one can see that the update of the local high of the trend led to a slowdown, while keeping the quote at 1.3780. The chance of the price returning back to the area of 1.3750 is possible, as well as a slowdown in the range of 1.3740/1.3785. It is worth considering that buyers' intention to further form an upward trend will be confirmed after the price is held above 1.3750 on the daily period. So far, there is only a puncture.
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