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By: Daniel Gant
February 18th 2014 9:15am GMT, London UK

The EUR/USD pair has been moving sideways since yesterday in a flat channel between 1.3690 and 1.3720. Due to the fact that U.S. market did not open after weekend because of the public holidays we did not see any important economic data which would drive the currencies. There was a speech of ECB member Nowotny who denied earlier talks of Coeure about negative interest rates. Today we should be able to see more movements and more trading opportunities. At 10.00AM the German ZEW Economic Sentiment will be released. The expectation is to see slightly lower figure than in January which would point on continuing decrease. At 1.30PM (GMT) the U.S. Empire State Manufacturing Index will be announced and might help the Dollar to get some of the previous profits back if comes out better-than-expected. The movement is sideways. The support is lying at 1.3680 and resistance at 1.3740.

On Monday the GBP/USD pair after the pair touched the highest value since 2009 (1.6820) the trend reverse and with lack of data we saw price correction. The pair corrected almost 23.60% (Fibonacci retracement) of the movement up from 5thFebruary when the bullish trend started. Today we should pay attention to the U.K. CPI data which will come out at 9.30AM (GMT). The CPI has been decreasing since October and if the figure comes below expectation we might see some movement down. At 1.30PM (GMT) we should watch the U.S. Empire State Manufacturing Index. The support lying at 1.6650 and resistance at 1.6825.

The USD/JPY pair finally reverse its 3 days bearish sentiment and climbed back to 102.70 area during the Asian session. The pair reacted on the Bank of Japan Statement to boost the monetary stimulus. The Yen weakened immediately after against the major peers. The pair bounced back on its resistance and slightly decreased. We should keep an eye on the U.S. market data today to be able to see possible break out through the resistance. The sentiment is slightly bullish. The support is lying at 101.80 and resistance at 102.70.

The price of Gold stopped its bullish sentiment and yesterday with lack of data (due to U.S. President Day) started to move sideways. The price tested the resistance at $1,330/ounce but lost momentum and dropped to $1,318/once. The recent drop is probably caused by profit taking investors who successfully traded the 6-days movement up. Today we should pay attention to U.S. stock performance and the U.S. Empire State Manufacturing Indexwhich will come out at 1.30PM (GMT). The movement is slightly bearish with support at 1,300 and resistance at 1,330.

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Daniel Gant
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Daniel Gant

Broker at GOptions
My strategies have been maintained and reworked for the last four years. Win loss accuracy and a stable method of volume production has insured my clients inside my personal portfolio success, not to mention the education, guides and management sessions that I teach daily.

I am not guaranteeing you success, but i am guaranteeing you that i will be providing you with my knowledge, training, time, strategies, technical analysis, fundamental analysis and all the tools that you will need to have a successful trading account.
Daniel Gant
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