#forexbreakfast focus forex (eng)
The past week has been characterized by a risk-off climate. The dollar appreciated against almost all major currencies. The eur / usd exchange rate did not report any particular effects from the strength of the dollar. The best currency of the week was the pound, supported by the positive consequences of the vaccination campaign. The exchange rate with the euro touched its lows for almost a year at 0.88. A mixed trend for currencies of emerging countries. Good week for the Turkish lira, driven by good macro data, the same for the yuan even if the macro data disappointed expectations. The worst currency of the week was the Brazilian yuan. The pandemic situation and the lack of action by the central bank against inflation have led to its weak phase. The Mexican peso has been also bad. On the speculator front, long positions on the eur / usd increase, the same on the eur / gbp exchange rate.
Eur / Usd
Weak week for the Eur / usd exchange rate, in the wake of the strength of the dollar. At the moment the exchange is testing the uptrend line that started in early May. The support at 1.20 should be monitored. The lateral trend that has characterized the exchange in the last two months seems to be confirmed. On the upside, until the 1.20 area support is broken, a rebound is likely, the resistance at 1.2285 remains to be monitored. In case of a break of the support at 1.20, a further drop is likely.
Eur / Gbp
A strong week for the pound. The exchange managed to close below the 0.8872 area. This morning it is pushing towards area 0.88. The break of the aforementioned support could open the way towards the 0.87 level, even if the daily oscillator is oversold. On the upside, the first resistance passes to 0.8905. The next at 0.9048.
Euro / Real
After a short pause, the exchange rate returned to near the highs of 6.70. The trend remains on the upside. The break of the 6.70 area could take the exchange rate to 6.80.
Eur / Try
Downhill week for the change. The bearish movement gained further strength and tested the support at 8.79. A break of it could take the exchange rate to 8.65 up to 8.14. Oscillators are oversold. A technical rebound is likely shortly.