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Technical analysis and trading recommendations on GBP/USD & EUR/USD for February 11, 2015

EUR/USD

The Euro has been under pressure after the Greece PM speech at the weekend. Today, the Euro has a very big day. The Greece is planning to request the Eurogroup for a bridge program until August. On the negative side, if Greece is pushed out of the eurozone, the currency will dismantle, which will lead to collapse. On the other hand, we can observe divergent policies between the US Federal Reserve and the ECB. These factors can prove the fundamental weakness in the Euro. From the technical viewpoint, the pair looks bearish.

The prices are making lower lows and lower highs on the h4 chart. The weekly resistance exists between 1.1450 and 1.1546. Until the pair closes above 20Dsma, bears try to drag the pair to make new lows at every rise. Until the price closes above this, the weekly trading pattern is framed between 1.1098 and 1.1560. As of now, the monthly resistance exists at 1.2000 50Dsma and support exists at 1.0762. The prices are closed and trading below hourly moving averages. The pair has intraday support at 1.1300 and 1.1270. Resistance is set at 1.1390. Until the pair trades and closes below 1.1535, use every rise to sell with the target at 1.0950. From an intraday view, we recommend buying above 1.1400 with the targets at 1.1450 and 1.1500. We can expect strong momentum only above 1.1535. Ahead of major meetings, we expect high volatility at the session today.

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GBP/USD

At the end of the previous year, the UK's industrial production slipped again. The industrial output fell 0.2% in December. The other data, UK's manufacturing production rose 0.1% in December. As for the US data, the number of job openings rose more than expected in December. The weekly resistance is set at 1.5375 levels or 50Dsma. On the monthly chart, the previous supports are seen between 1.4830 and 1.4800. In case if the pair closes above 50sma, the short-term trend turns to positive. Then, bulls can challenge 1.5480, 1.5585 or 20Wsma, and 1.5620. On the daily chart, the prices gave an upside breakout. We recommend buying at 1.5050. The pair is facing resistance at the falling bearish channel. An upside breakout leads to huge buying towards 1.5570, 1.5620, and 1.5786. We recommend intraday selling below 1.5190 with the targets at 1.5140, 1.5100 and 1.4990. Besides, we advise intraday buying above 1.5280 with the targets at 1.5295, 1.5310, and 1.5375.

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Uitgevoerd door, Analytische expert
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