17.02.202110:35 Forex Analysis & Reviews: Trading recommendations for starters of EUR/USD and GBP/USD on February 17, 2021

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The US dollar recovered its previous lost positions yesterday.

The economic calendar included Europe's second estimate of GDP data for the fourth quarter. There was a slight change in favor of the recovery of -5.0%, instead of confirming the economic decline at the level of the previous estimate of -5.1%.

Such a low margin of error and confirmation that the EU economy is not in the best position, only provoked speculators, which ultimately led to the euro's weakening.

As for the UK and the US, there was no publication of statistics. The only most exciting thing that happened was that American traders came back after a three-day weekend.

What happened on the trading chart?

The EUR/USD pair showed a downward interest again after failing to break through the resistance area of 1.2150/1.2160. This reflected a natural rebound in the market, as it has repeatedly happened in the history of five trading days.

The GBP/USD pair reached the area of the resistance level of 1.4000 (1.3950/1.4000/1.4050), after repeatedly updating the local high. From the resistance, the volume of long positions (buy positions) were reduced, resulting in a pullback.

Trading recommendations on EUR/USD and GBP/USD for February 17, 2021

UK inflation has already been published today, which increased from 0.6% to 0.7%. However, the pound did not make any reaction to this positive news.

By afternoon, there will be publication of US statistics. The volume of retail sales is expected to slow down from 2.9% to 2.8%, which is actually not the best signal for the US dollar. Meanwhile, the industrial production data, along with retail sales, should reflect a slowdown in the decline from -3.6% to -2.7%. If this forecast coincided, this may positively affect the value of the national currency.

Looking at the trading chart of EUR/USD, it can be noticed that the decline from the area of the 1.2150/1.2160 is giving results. Sellers successfully broke through the variable support level of 1.2081 from February 12, which may lead to further decline towards 1.2000. If such an assumption is confirmed, traders will be hinted about restoring the correction from the high of the medium-term trend: 1.2349 ---> 1.1950.

As for the trading chart of GBP/USD, one can see that the overbought status still remains in the market, even though the quote already pulled back from the local high. If the price stays below the level of 1.3850, the pound will likely decline towards 1.3750.

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