GBPUSD 01.02.10-05.02.10
EURJPY . USDCHF . EURUSD . Economic Calendar for the week
Appreciation of the dollar continues on all fronts. Even if prices drop a pound / dollar is not so much as in the case of the euro / dollar and the price stays above the 1.5690 mark - 38.2% Fibonacci retracement levels from last year's growth, bearish for the pair are amplified in the light of recent developments concerning the European economy. In addition, Friday's sharp fall was caused by the publication of data on the growth of GDP the U.S., the value of which exceeded analysts' expectations by 1.5%.
On the technical side, the pair continues to be in the range 1.5690-1.7042, and currently has a tendency to fall into the zone at 1.5890 support line . The breakdown of this line will lead to further decline to 1.5700. Despite the apparent oversold, which indicates the testimony % R , in the case of price fall below 1.5690 it is likely that the next target market will be 1.5280 - 50% from last year's growth.
The only scenario of growth we are now considering, is the growth after the repulsion from the support line. The aim of this growth will reach a mark 1.6200, which is in close proximity to the 23.6% Fibonacci level.
Recommendations:
- Sell to 1.5890, 1.6080 limit losses.
- Buy from 1.5880 to 1.6200, 1.5820 limit losses.
- Sell at 1.5820 to 1.5700, limiting losses from 1.5910.
