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Daily Analysis – Feb. 10th, 2015

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Daily Analysis – Feb. 10th, 9:30am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.1450, 1.1500, 1.1550
Support:  1.1400, 1.1380, 1.1320, 1.1300, 1.1200
Bias: Neutral. EUR dropped on the positive US non-farm data last week and is now trading in a range (1.1270 – 1.1350). With everyone waiting on the news of Greek debt negotiations this week, we can expect EUR to stay range bound. However, any commentary out of the EU/ Greece or rumors on the agreement has the potential to move the markets so caution is warranted in trading the EUR. If the price breaks above the top of the range and hold above 1.1350, it can go up to test 1.1387-90 area which is the last reaction point and also the 50% retracement of the last swing down. If the price breaks to the downside, it can push down to 1.1233 (23.6% retracement ) -1.1.220 area or further down to test 1.1200 level.

Pair: GBPUSD

Resistance:  1.5120, 1.5150, 1.5200
Support:  1.5100, 1.5080, 1.5150, 1.5100
Bias: Neutral.  GU fell on the positive US Non-farm payroll data last week. It has since established a range between 1.5200 and 1.5250 and has been trading in this range. We could see the GU stay range bound today, waiting on the news out of Eurozone. If it pushes out of the range to the upside, we can see it move to 1.5265 or 1.5280 area which is the backside of the 23.6% retracement of the last swing move up. On the downside, the price has struggled to move below 1.5200 and we see multiple rejections in this area. If the price breaks to the downside and manages to hold below 1.5200, we can see it move to 1.5170 (50% retracement) or 1.5130 (61.8% retracement of the last swing up).

Fundamentals

High Impact News scheduled for today: None

However, there is medium impact news coming out today.

  1. NIESR GDP Estimate (GBP) – 9:30am
  2. JOLTS Job Openings (US) – 10:00am

Indices and Commodities

DOW – up – 17,829.62
S&P500 – up – 2,057.42
Nasdaq – up – 4,751.21
Nekei – down – 17,652.68
FTSE100 –down – 6,831.46
DAX – up – 10,760.06

Gold – down – $1,235.80
Oil – down – $52.52

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