FX.co ★ Trading plan for EUR/USD and GBP/USD on February 8

The empty macroeconomic calendar created favorable conditions for euro against pound, which continues to recover from its recent losses. Meanwhile, the overbought condition of dollar remains, so it may weaken further, especially amid an increase in US jobless claims. Forecasts say the total will rise by 7,000, but if the data exceeds expectations, dollar may surge, considering the recent labor market data.

EUR/USD almost returned to the previously passed level of 1.0800, indicating the decreasing volume of short positions. To see growth, traders need to keep the price stable above 1.0800. Otherwise, the level may act as resistance for buyers.

GBP/USD also returned to the range of the previously passed horizontal channel (1.2600/1.2800). If it stays above the level of 1.2600 by the end of the week, the downward trend may be interrupted. In this case, movement within the specified range may resume.