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Last Friday, the US dollar strengthened against its competitors, which positively affected the volume of short positions.
In terms of economic calendar, Europe, Britain and the United States did not publish any particular important data. So, market participants focused on technical analysis, which is quite justified in the context of dollar's growing positions.
Taking into account the dollar index (DXY), it shows that the index has been actively declining since the month of February started, which hinted that the US dollar is under pressure from sellers. On February 25, the index reached its lowest level since the beginning of January, where there was a change in trading interest.
The EUR/USD pair continues to decline since last Thursday, after market participants reached the resistance level of 1.2230/1.2250. The scale of the euro's weakening is about 170 points, returning the quote to the area of 1.2050/1.2080.
After the prolonged movement at the high of the mid-term trend, the GBP/USD pair still managed to find variable resistance in the area of 1.4180/1.4220, where there was a stop, followed by a price rebound of more than 300 points.
Trading recommendations for EUR/USD and GBP/USD on March 1, 2021
Today, UK's lending market data will be published, which is not expected to be good. Here, the volume of mortgage lending in January is expected to remain at 5.59 billion pounds, while the number of approved mortgage loans should fall by 96 thousand against 103.38 thousand a period earlier. At the same time, the Bank of England's consumer lending in January is expected to decline by $ 1,900 billion.
9:30 Universal time - UK lending market
This is not the best data, so we expect the pound to further decline.
On the other hand, Europe is not expected to release its statistical data.
The US, in turn, will publish its ISM Manufacturing Business Activity Index (PMI), with a forecasted growth from 58.7 to 58.8.
15:00 Universal time - US Manufacturing PMI
Looking at the current trading chart of EUR/USD, the quote is seen to have slowed down the decline in the 1.2050/1.2080 area, which repeats the natural basis of the support from December 9, January 18 and 27.
If the price holds below the level of 1.2050, a downward move may occur towards the main level of 1.2000-1.1950. Otherwise, we should expect a rebound, as it has happened repeatedly in history.
As for the trading chart of GBP/USD, we saw that the quote maintains its position in the area of the psychological level of 1.3950/1.4000/1.4050, which may result in an amplitude fluctuation within the specified limits.
There will be a trading decision based on price fixing points: further decline will be considered if the quote is kept below last Friday's local low (1.3887), in the direction of 1.3750. Alternatively, an upward development will be considered if the price is kept above the level of 1.4050, with the prospect of moving to the 1.4100-1.4150 range.
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