Market conditions on Monday were quiet with U.S. markets being closed for President’s Day holiday.
EUR/USD: The euro dropped to a low of 1.2369 in thin trading. We currently see the possibility of further losses towards 1.2345, provided that the euro remains below 1.24. A break above 1.2415 could, however, spur some bullish momentum towards 1.2435 and 1.2460.
The German ZEW Survey Expectations are scheduled for release at 10:00 UTC but this report is not expected to have a major impact on the euro’s price action.
GBP/USD: The pound sterling traded with a downward tilt Monday but bearish momentum came to a halt slightly below 1.3960. As long as the pound remains unable to stabilize above the 1.40-level, we prepare for further losses towards 1.3920 and 1.3895. If sterling bulls are able to push the pair above 1.4020 we could possibly see a run for 1.4050 and 1.4070.
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