FX.co ★ Trading plan for EUR/USD and GBP/USD on February 29

Market dynamics remained the same despite the high volatility at the beginning of the week. Although dollar fell in price in the morning, it returned to its previous values by afternoon, largely due to the empty macroeconomic calendar. The second estimate of the 4th quarter US GDP also coincided with the first, which does not stimulate market sentiment.

The stagnation may continue today, as the upcoming jobless claims data will not have any impact on the market. After all, the total number will likely increase by only 12,000, while repeated claims will rise by 3,000.

EUR/USD fell to the level of 1.0800 after a rise in the volume of long positions. This led to a rebound, which almost restored previously lost positions. However, nothing significant happened on the chart.

GBP/USD shows a similar dynamic. Initially, a surge in short positions occurred, followed by a rebound. In this situation, the level 1.2700 serves as resistance, while the level 1.2600 serves as the support.