Day Trading Forex Live – Learn To Trade Pro Forex Strategies


EUR/USD, GBP/USD Daily Analysis February 28, 2014

February 28
02:28 2014

The move on the EUR/USD yesterday is indicative of a fake out with the run down piercing the four hour 200 EMA and rejected back up to make a first push to the upside. This will give me the bias for the next push up but considering its Friday and the last day of the month there is the chance that we see price stay in a tight range today. Having said that the best level for a long today is the breakout at 1.3692 but if they cant push it up during the Asian session they will more likely test down to the 1.3680 level where there is some proven support. I will be open for the short with a stop run to yesterdays highs but will need to see some clear trapping along with it to change the bias for the long.

EU 1hr chart

The GBP/USD ran down to test Wednesdays lows giving a nice stop run for a long position yesterday. Good job to those who caught the reversal there. Today it also has a potential first push up but considering its shy of what we want to see as a push along with the end of week/month flows it has a better chance of getting stopped again around the 1.6700 level than making a next push up. I will be open on direction for this pair today.

In order to be comfortable with a short from 1.6700 I will need to see the test down during the Asian session. If they don’t do that then the break up to test 1.6720 before the reversal down has a higher probability. The levels that are probable for a long are 1.6658 or the lows at 1.6620. However if they do push it that low I hope to be short and taking profit. The 1.6680 level has potential for the long but only if we see the conviction above yesterdays highs during the London session and pullback with a stop run.

GU 1he chart

To Learn More About The Secrets of The Mega Banks Check out What is Included in Our Lifetime Membership Here

Forex News Today

The only significant news releases during the London session is German Retail Sales and Euro Zone CPI data. With the Retail Sales data expected to be at 1% it should only make a big impact if it drops below zero again. The CPI data has a better chance of creating a decent move or manipulation if it drops close to or below zero. This will freak out the ECB thinking deflation and potentially open Germany up for QE especially if they both disappoint dramatically. There is also a Fed speech from Fisher at the same time but I have my doubts he will say much that’s different than the Feds latest comments.

The US session starts off with US GDP figures with a low bar set at 2.5% so my thoughts are this will be close. Of course a big miss will create some volatility and from what I see it has a slightly better chance of disappointing rather than missing to the upside. A bit later is Pending Home sales but this will need a big deviation to do much also. What I do think has the biggest potential to create a move on the GBP pairs is a BOE Carney speech in the mid US session so watch out for that.

Have a great weekend


If you have questions about joining Day Trading Forex Live and becoming an active member please feel free to contact Robin Haywood. He is a current member and has volunteered to answer any questions to give you an idea of what the service involves and support we provide. You can email him at to set up a time for a conversation over the phone if you like or call his US phone line at 702-560-8552 or Skype at RobinHaywood

If you have any questions regarding the Binary Options education provided by long time member Allen Henn you can email him at or contact him on Skype at Allen.Henn

Do You Enjoy The Daily Forex Commentary? Please Click The Like Buttons, Tweet It, and Google + It Below !!

Related Articles

1 Comment

  1. Ivan
    Ivan February 28, 14:14

    Hi Chad. I see a falling star on 4-hour timeframe. Is this a manipulation ? Is it time for sell Gbp/Usd ?

    Reply to this comment

Write a Comment

Sterling Suhr's Forex Bank Trading Course
Learn to trade & profit from market manipulation!! FREE weekly articles & videos!!
Get the latest content first.
We respect your privacy.