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The US dollar made an attempt to recover its lost trading positions last Friday, but it ended unsuccessfully.
The economic calendar released the UK's GDP data for the fourth quarter, which recorded a slowdown in the economic downturn from -8.7% to -7.8%. On a quarterly basis, the growth was 1%, against the forecast of 0.5%. On the one hand, there is a sharp economic growth, but only in terms of short-term period. This is because if we take the whole previous year, we will see a gap of -9.9%, which is considered one of the largest economic downturns in several hundred years.
The value of the pound fell, which led to a pull back from the local high of the mid-term term (1.3865 -> 1.3805), by the time this statistical data was published. The optimism of sellers was only temporary, since a pivot was found in the area of 1.3750/1.3775, which led to a price reversal.
It is assumed that the technical part related to the breakdown - pullback - acceleration theory worked in the market. Earlier, the level of 1.3750 acted as a resistance.The markets broke through it after moving within its limits for too long, and as a result, a pullback was formed, where the level of 1.3750 already acted as a support, continuing the upward trend.
Just like in the US, Europe's statistics that are important for traders were not published.
The EUR/USD pair, which stayed in a narrow range of 1.2112/1.2144 for more than 45 hours, still managed to show local activity. Due to this, the lower border was broken, and the quote quickly moved to the area of the coordinate of 1.2100, where there was a stop with a subsequent rebound.
Trading recommendations on EUR/USD and GBP/USD for February 15, 2021
Today, there will be a publication of the industrial production data in Europe. It is likely to reflect zero growth after a decline of -0.6%. In fact, this minimal recovery can positively affect the euro's value after a prolonged decline, which lasted more than one year.
As for the UK, there are no expected releases of important statistics, while in the United States, the markets are not open at all in celebration of President's Day.
If we analyze the current trading chart of EUR/USD, it can be seen that the quote returned to the area of the previous week's high, where market participants are trying to continue the previously set upward trend. In order to confirm a buy signal, the quote must hold above the level of 1.2155. If so, a way will open in the direction of 1.2190; or else, a sideways movement within the limits of 1.2115/1.2155 will be likely.
As for the current trading chart of the GBP/USD, the local high of the medium-term trend was updated during the Asian session. As a result, the price surged to the level of 1.3900. And although the pound is still overbought, this does not stop speculators from further growth.
If the upward movement continues, the quote may approach the area of the psychological level of 1.4000. In connection to this, traders may talk about a correction again.
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