Starting with last Friday, while all the news were overall good and the German parliament voted In favor of Greek bailout extension, that was not enough to stop the EU currency downtrend. Most of the EU pairs hit supports or either broke them but the more interesting above all of them was the EUR/GBP showing no regrets for the downtrend. Furthermore we had indeed the most volatility later that day In the US session. Even though the sentiment was mixed we still had some good movements towards US currency but low in length due to the day. Something we should note, is the china’s second rate cut in three months, along with the PMI manufacturing results on Saturday. We expect that to have greater affection to commodity dollars later this week.
Based on today News most important are: at 11:00am Uk time, CPI and Unemployment rate for Europe but don’t completely ignore the earlier GBP news. Later today personal income/spending and more important ISM manufacturing PMI are the major events for the US session. We expect volatility on both EU and US sessions to occur.
The pairs we should expect to have the clearest movement, are: EUR/NZD and EUR/GBP for bearish signals, NZD/CHF AND GBP/CHF for bullish. With combination of the fundamental news, the pairs with the major volatility should be EUR/GBP, EUR/NZD and GBP/CHF. Note: don’t ignore US pairs later today.
SUPPORT 2: 1.4650 Lower Band of BB weekly Timeframe
RESISTANCE 1: 1.4904 high of 4h candlestick 16:00 26th February
SUPPORT 1: 0.7145 Lower band of BB 4h
SUPPORT 2: 0.7046 Low of 20th February
RESISTANCE 1: 0.7218 High 27th February 2015
RESISTANCE 2: 0.7295 Upper Band of BB Daily Timeframe
SUPPORT 1: 0.7230 Lower Band of Daily BB
SUPPORT 2: 0.7205 Lower Band Weekly BB
RESISTANCE 1: 0.7296 High price of 27th February 2015
RESISTANCE 2: 0.7325 High price of 26th February 2015
SUPPORT 1: 1.4635 Lower Band of BB 4H TIMEFRAME
SUPPORT 2: 1.4577 Lower price 27th February 2015
RESISTANCE 1: 1.4759 Upper Band of BB 4H TIMEFRAME and high price of 26th February 2015
RESISTANCE 2: 1.4925 Upper band of the daily timeframe
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Please email us at email@example.com Written by Konstantinos Stavgianoudakis