Pair closed last week’s trading session lower amid stronger than expected economic result in the US and weaker economic results in the EU. Wit the FED ending their last meeting more dovish than it was expected, it took the pair higher during last week trading session. Upside momentum was not long lived as we have seen the US GDP pointing higher and boosting US Dollar. Another factor behind the last Friday’s downside move it was the end of the month positions. Some profit taking on the long positions helped the pair retread lower.


As for this week, traders will focus on the economic calendar and economic releases from both sides of the Atlantic especially on US Non-farm payrolls.  As far as the economies around the world are recovering faster than expected from covid-19 damages, investors will turn to currencies like Euro and flee away from safe haven US Dollar, as a result pair might be resume upside momentum soon. FED’s Jerome Powell speech worth to follow in order to gather any information on what on next with FED.


On the economic calendar we have on Monday German retail sales expected at -3.1% stronger than last time, US ISM manufacturing expected higher at 65 On Wednesday, European Markit PMI composite to remain unchanged at 53.7 US ADP employment expected higher at 808K ISM services PMI higher at 64.3 On Thursday, German factory orders expected higher at 1.9% European retail sales higher at 9.4% On Friday US non-farm payrolls expected to show 9560K additional jobs with hourly average earnings at -0.3%


Technically, the picture is positive. Pair closed above 50% at 1.2020 and this keeps a positive bias for the pair. In this week’s trading session if the pair continues on the upside, we are expecting to test next resistance of 1.2170 (23.6%) If pair resumes downside and close below 50% will change the picture back to neutral with next level in focus the 1.1878 (61.8%). Our traders cleared all their open positions and now waiting for the pair to give a better price on the downside before jumping into long positions. We are expecting buyers to appear as from 50% 1.1970 with more aggressive buyers at 61.8% 1.1884 targeting profits at 1.2170 Alternative if pair resumes upside short sellers will appear above 1.2170 targeting profits around 1.2000






Pair closed last week’s trading session lower after a choppy trading session. At the beginning of the week pair attempt a higher move mainly due to Dovish FED minutes, By the end of the week pair retreated sharp on the downside on better than expected US Economic releases and on the lack of any economic releases form the UK.

As for this week, traders will focus on the BOE meeting and US non-farm payrolls. Although no change on policy is expected at this meeting, traders should pay attention to the press conference to be follow up by comments from BOE’s governor Bailey.


In the economic calendar we have on Tuesday, Markit manufacturing PMI to remain unchanged at 60.7 On Thursday BOE rate decision, with no change in interest rates.


Technically the pair is neutral after closing above 50%. In this week’s trading session if pair trades on the upside we are expecting to retest 1.4000 Alternative if pair continues on the downside first level to be retested is 1.3720. Our traders started buying the pair at 1.3840 targeting profits at 1.4000 we are expecting more buyers to appear at 1.3720 50% targeting profits at 1.4000




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