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    Technical analysis and trading recommendations on EUR/USD & GBP/USD for February 23, 2015

    EUR/USD

    Greece got a four-month extension, instead of the original six. This week Greece's situation continues to dominate the headlines. Today, traders shift the focus to German Ifo business climate. This week, the euro is affected by a series of economic events. Mario Draghi is making a speech on Tuesday and Wednesday. Targeted LTRO and German data are expected on Thursday. Macroeconomic data of some eurozone countries are due on Friday. It's a very busy week, maybe the trend will change as well.

    The pair has strong resistance between 1.1450 and 1.1535. In the previous week, the pair muted a three-week winning streak. The prices are consolidating at 20Dsma for six consecutive weeks. The pair has a strong support base between 1.1270 and 1.1260. If a daily close is below 1.1260, we can expect a new low. Trading is framed between 1.1535 and 1.1260. In case, prices close below 1.1260, the new lower target can be seen at 1.0996. Today, at the Asian session the pair is trading on a bearish note. The intraday support is found at 1.1350. We recommend selling below 1.1335 with the targets at 1.1300, 1.1280, and 1.1260. The panic will be triggered below 1.1260, 1.1220, and 1.1190. Until a h4-candle closes above 1.1450, use every rise to sell.

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    GBP/USD

    The cable paused after a three-week winning streak. In the previous week, the cable marginally closed in red. This week, the major economic data fall on Thursday such as the second GDP estimate. Except for this data, there are no major reports this week. The first estimate of UK's GDP growth gave an uptick of 0.5%. In the coming months, political weight will be added ahead of the elections in May. The pound favours buying on crosses.

    The prices are facing strong resistance between 1.5480 the weekly 23.6 fib level and 1.5530 20Wsma levels. The weekly support exists between 1.5310 and 1.5260. On the h4 chart, the prices are forming higher highs and higher lows. On the h4 chart, the prices are closed and trading below hourly moving averages. Bulls can challenge 1.5565, in case the prices breach above 1.5490. If a h4 candle closes above 1.5440, bulls can challenge towards the new weekly high. Intraday support exists between 1.5380 and 1.5340. The panic will be triggered below 1.5310 with the downside targets at 1.5280 and 1.5200. We recommend buying above 1.5430 only. On the downside, we recommend selling below 1.5380 with the targets at 1.5340, 1.5310, and 1.5280. Today, traders are awaiting US existing home sales.

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    Uitgevoerd door, Analytische expert
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