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The position of the US dollar received a blow last Friday. As a result, its value declined against its competitors.
What was the leverage for selling the US dollar?
It was possible that sellers' impulse was the publication of the US Department of Labor report, which initially looks not so bad, as the unemployment rate is declining from 6.7% to 6.3%. However, investors were disappointed with the employment indicators: December's data were revised for the worse -95 thousand ----> -204 thousand. In addition, January's data were worse than forecast. Employment figures was expected to rise by 50 thousand, but the result was only 49 thousand, which was psychologically a critical moment.
In turn, US President Joe Biden mentioned in his speech in the White House that the country's economy is in a difficult situation due to the consequences of the pandemic – more than 10 million people are out of work, and 4 million are out of work for six months or more. At the same time, 24 million adults and 12 million children literally do not have enough food.
Speculators could not resist such unpleasant indicators, so the US dollar was under control of sellers.
What happened on the trading chart?
The EUR/USD pair found a pivot in the area of 1.1950, as it moved in a corrective pattern from the high of the medium-term trend. A slowdown occurred, which resulted in a rebound to the previously passed area of 1.2050/1.2070.
There is an interaction between the time that the euro made a sharp growth and the time of publication of US statistics.
The GBP/USD pair, after an unsuccessful attempt to make a correction, returned to the area of the high (1.350) of the mid-term trend again, where there was a natural stop. Such a manifestation of the price in the market has already been observed for several weeks.
Trading recommendations on EUR/USD and GBP/USD for February 8, 2021
Germany's volume of industrial production for December is the only data to be released today. It is expected to decline from 0.9% to 0.3%, wherein the flow of statistical data ends. Therefore, traders are likely to pay attention to technical analysis.
Analyzing the current trading chart of EUR/USD, it can be seen that the area of 1.2050/1.2070 is putting pressure on buyers, which lowers the volume of long positions and, as a result, a stagnation-pullback period. If the corrective move from the high of the medium-term trend continues in the market, then the area of 1.2050/1.2070 will act as a resistance, returning the quote to the values 1.2000-1.1950.
Traders will consider an alternative scenario of the market development if the price is kept above the level of 1.2070 in the H4 time frame. In this case, it is possible to discuss the recovery process relative to the correction course, with a first target at 1.2180.
As for the current trading chart of the GBP/USD, one can see that the area of the high of the medium-term trend of 1.3750 puts pressure on buyers and if we proceed from the previous logical basis, then a rebound from the high towards the direction of 1.3650 is still possible in the market.
Traders will consider the prolongation of the upward trend if the price is kept above the level of 1.3760 on a daily period.
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