#forexbreakfast focus forex (eng)
The past week was characterized by the strength of the greenback, which was among the best currencies of the week, following the oil currencies which benefited from the rise in oil prices. The ruble has even offset the negative effects of the new US sanctions. Upstream of the appreciation of the dollar, there is the increase in treasury yields and the words of the governor of the Fed Powell. The widening of the difference between US-EUR yields has pushed the Eur / Usd below 1.19. The buying of currencies of emerging countries has shown greater resistance compared to similar situations in the past. The general trend, however, was heterogeneous. The currencies of Eastern Europe suffered significant depreciation. The Ruble and Indian Rupee, on the other hand, showed excellent performances. Not a decisive week for the Brazilian Real, which is waiting for the approval of tax and administrative reforms. The Eur / Gbp has returned below 0.86, in the wake of progress on the vaccine front.
Eur / usd
Last week saw confirmation of the signs of weakness on the Euro-dollar. The dynamic support at 1.1970 was thus broken. At the moment there seems to be a bearish trend with a target of 1.1837. The daily oscillator is oversold, so a rebound is allowed in the next few sessions. On the upside, the first resistance is at 1.12184, on the downside if the 1.1837 area were broken, the way would be opened for a possible descent to 1.1660.
Eur / Gbp
The week still down for the eur / gbp. The currency is trying to break below the 0.8623 level. Indicators point to very strong oversold. A rebound in March is increasingly likely. If the week closes below 0.8623 to the downside, it would open the way for 0.83.
Eur / Yen
The eur / jpy tried to close the week above 129.38 but failed. It is the third consecutive week in which the attempt fails, a sign that the bullish trend is losing strength. The weekly oscillator is in overbought territory. On the downside, area 128 remains to be monitored.
Eur / Try
The bullish phase of the exchange rate continues with the Turkish lira trying to break out of the 9.05 area. On the downside, the first support to be monitored is at 8.45. On the upside, the overcoming of area 9.05 could pave the way for area 9.24.