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Daily Analysis – Feb. 3rd, 2015

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Daily Analysis – Feb. 3rd, 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: Short. The positive data out of the London session and Greece and EU’s willingness to engage in the debt restructuring have had a positive impact on the EUR which was poised to move up and was just waiting for a catalyst. EUR pushed past the previous high at 1.1420 to the next resistance level at 1.1450. We can expect some retracement at this level. If the price holds above the 1.1420 area, it could move up to 1.1500. 1.1550 level  (78.6% retracement of the last swing down) could also provide a good short opportunity.

Pair: GBPUSD

Resistance:  1.5120, 1.5150, 1.5200
Support:  1.5100, 1.5080, 1.5150, 1.5100
Bias: Short. The GBP also moved up on the positive data, “Construction PMI” numbers,  that came out in the London session. It went up to test the 1.1518 level, filling the gap. We are seeing retracement at this level. There is another resistance level not too far away at 1.5150. If the price fails to hold below 1.500 level, we can see the price to go this level and setting up a short opportunity.

Fundamentals

High Impact News scheduled for today:

  1. Factory Orders m/m – 10:00am

Indices and Commodities

DOW – up – 17,538.37
S&P500 – up – 2,026.83
Nasdaq – up – 4,693.25
Nekei – down – 17,335.85
FTSE100 – up – 6,846.33
DAX – up – 10,908.40

Gold – down – $1,267.60
Oil – down – $50.55

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