#forexbreakfast focus forex (eng)
Last week was characterized by the general appreciation of the dollar. Though it suffered a rude tracking on Friday following disappointing macro data and expectations on Biden’s aid plan. The Eur / Usd after returning below 1.20 after two months, rebounded, returning above this level. Weak week also for other major currencies such as the yen and the Swiss franc. Good week for the pound which was appreciated after the BoE meeting. Positive week for emerging currencies, except for Asian currencies. The yuan depreciated after disappointing macro data. Good week for the Turkish lira, Mexican peso, and South African rand. Good week for commodity currencies, which benefited from the rise in the price of Brent.
Eur / Usd
The exchange broke the uptrend line that started last May. To confirm the bearish move, the pair must close the week below 1.2066. The daily oscillator is oversold, a rebound possible in the coming weeks. The 1.2066 area remains to be monitored, its upward breach could project the exchange rate towards 1.2121. Downward to be monitored 1.1971 area.
Eur / Gbp
The break of the support at 0.8872 sent the exchange towards the 0.8711 area. Oscillators are signaling a strong oversold. A rebound is possible in the next sessions, even if it should exceed 0.89.
Eur / Rand
A declining week for the Eur / Zar, favored by the more optimistic climate. For over a month, the exchange has been in a trading range between 17.74 and 18.75. Only a break of one of the two levels could give direction to the exchange. The daily oscillator is oversold, a short rebound is likely.
Euro / Turkish Lira
The Turkish lira continues to show strength, with the exchange rate testing the 8.45 support. Indicators point to a strong oversold, a rebound is very likely, although it should not break out of the first major resistance at 9.05. However, the trend remains downwards, with a target area of 8.14
Euro / Ruble
Just like in the last two years, the resistances at 91.78 and 92.50 have stemmed the bullish strength. The exchange rate has returned to go down. Currently, the prices are in a trading range between 88 and 92. Only a break of the two levels could give direction to the exchange.