#forexbreakfast focus forex (eng)
Last week was characterized by widespread dollar weakness, on both expectations for the Biden plan and a more risk-friendly climate. The EuroDollar exchange rate is back above the 1.21 level. The Eur / Gbp exchange rate has reached its lows in almost a year, despite the tensions on the Brexit front and on Northern Ireland. On the other hand, the acceleration of the vaccination campaign, which touched 15 million people, weighs on operators. Positive week for the emerging currency sector, except for the Brazilian real, worst currency of the week. The stalemate over fiscal and administrative reforms sank the Brazilian currency. Good week for commodity currencies thanks to the good performance of commodities. Great week for South African rand and Australian dollar. A good week also for the ruble supported by the end of the rate cut phase by the central bank and despite the renewed tensions on the geopolitical front. Good week for the Turkish lira, whose appreciation phase does not seem to stop.
Eur / Usd
An upward week for the Eur / usd exchange rate which exceeded 1.2121. The current picture is positive. Only a close below 1.1971 could lead to a bearish move. On the upside, the resistance at 1.2285 remains, which if exceeded would bring the exchange rate back to the highs of the year at 1.2350.
Eur / Gbp
The downward phase of the exchange rate continues and has broken through the support at 0.8711. Indicators remain strongly oversold. A rebound phase is therefore likely up to the 0.89 area. On the downside, if the support at 0.8711 is broken, the way to 0.8623 would be opened.
Eur / Yen
The exchange rate with the Japanese currency remains close to the highs of the year, 127.50. The exchange is trying to break that level. If it were broken, it would open the way to 129.40, where it is the first major resistance. The indicators are overbought, so it is essential to monitor area 127.
Eur / Rand
Downward week for the exchange with the South African currency. This week it is approaching the support level located at 17.48. The oscillators are all oversold. A rebound is very likely in the next few sessions.