Mario Draghi talks Wednesday, 8:00. The President of the ECB managed to push down the euro with his dovish downplay of the small hawkish shift the ECB made to its statement. He will have another chance to move markets when speaking in Frankfurt. He will speak at the Institute for Monetary and Financial Stability, so he may refer to monetary policy.
US retail sales: Wednesday, 12:30. Last time, the retail sales report for January was overshadowed by the inflation figures. This time it has the full stage to its own. After the headline dropped in January by 0.3%, an increase of 0.3% is expected in February. Core sales are projected to rise by 0.3% as well after staying flat last time.
EUR
Mario Draghi talks
USD
US retail sales
- EURUSD
The pair managed to break an uptrend line that shown on the chart in red. The pair is testing the broken level now and the expected scenario is that if the pair shows some negative factors below the broken level, we may go short targeting the level of 1.22 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2530 ▪ — ▪ — |
▪ 1.22 ▪ 1.21 ▪ 1.1550 |
We are bearish as long as the pair is traded below the broken uptrend line. |
- GBPUSD
The pair managed to break through a descending channel but the break isn’t confirmed yet. So, a daily close above the upside of the channel will confirm the breakout of the channel and would open the door for further upward movement during the week that it may reach the level of 1.42.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.4200 ▪ 1.4100 ▪ — |
▪ 1.3800 ▪ 1.3700 ▪ 1.3600 |
Waiting for the pair to confirm the breakout of the channel. |
- GOLD
The pair is traded above strong support levels that could be found at 1310 to 1300. So, we are bullish as long as the pair is traded above it. Our first target is: 1350.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ — ▪ — |
▪ 1310 ▪ 1300 ▪ 1290 |
We are bullish as long as the pair is traded above the level of 1300. |
- AUDUSD
As could be seen on the daily chart that the pair is heading towards the level of 0.7900. This is where we can go short that in case the pair shows some negative factors, we can go short targeting the level of 0.7800 followed by 0.7750 during the week. On the other hand, breaching the level of 0.79 can open the door for further upward movement during the week that it may reach the level of 0.80 followed by 0.8050 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ 0.7900 ▪ — |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
Waiting for the pair to reach the level of 0.79. |
- GBPJPY
The pair managed to break the downside of the descending channel. The pair now is testing the broken level so we may go short if the pair shows some negative factors below the level, so we can target the level of 146 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 |
▪ 147 ▪ 146 |
We are bearish as long as the pair is traded below the |
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