FX.co ★ Trading plan for EUR/USD and GBP/USD on February 9, 2021

Everything seems to be quite logical if we analyze the chart of the Euro currency. There was a small rebound (about half of this decline) after weakening for quite some time, which is a common technique. However, the unanswered question is why did this rebound begin on Friday, when the US Department of Labor report was published, and whose content exceeded all the forecasts? It was known that the US labor market is recovering steadily. Now, the same question becomes even more relevant if you look at the pound, which has risen to record values over the past two or three years. So, the answer to the question of what makes European currencies grow lies in a slightly different condition. And oddly enough, it's all about the usual comparison of what the authorities are doing on both sides of the Atlantic. If you look closely, you can see that the European Union and the United Kingdom are primarily concerned with the implementation of the vaccination program.

The main issue, which is surely a priority for Europe, is the fulfillment of contractual obligations by the vaccine manufacturers, who clearly do not cope with them. But what about the United States, where the epidemiological situation is almost the worst in the world? The issue of vaccination there seems to be fading into the background. Rather, it is discussing the issue of considering impeachment of Donald Trump, who is no longer the US President, and who exactly to distribute checks for $ 1,400. This means that instead of trying to get the entire population vaccinated as soon as possible, the Capitol and the White House are concerned about the removal of the Republican Party from power and the lack of money distribution to everyone and everything, which is simple and uncomplicated populism. In general, the United States does anything but what is really necessary, which is the reason for the weakening of the US dollar.

Today, some macroeconomic data will be published, but they are not expected to affect the mood of investors in any way. First, the data on open vacancies in the United States will come out after the close of the European session, which means that the market activity will be insignificant. Second, the decline in the number of open vacancies from 6,257,000 to 6,400,000 is fully consistent with the recent decline in the unemployment rate, and so, they will not show anything new. All this suggests that the European currencies may slightly rise. After all, the market simply does not have any new information yet.

Job Openings (United States):

The EUR/USD pair is in the pullback stage from the low of the correction course of 1.1950, where market participants have already managed to reach the level of 1.2080. We can assume that the area of 1.2100/1.2150 will restrain buyers, which will lead to a slowdown and followed by the restoration of the corrective course.

The GBP/USD pair updated the high of the mid-term upward trend again. As a result, the quote remained above the level of 1.3780. The pound's high value leads to an overbought status, which eventually causes the risk of a technical correction. Currently, further price fluctuations at the high of the trend is likely.