#forexbreakfast focus forex (eng)
Last week’s main driver was again the performance of treasury stocks. Their tracing led to a weakening of the dollar, which in turn gave respite to the emerging currencies sector. The Eur / Usd exchange after testing the support at 1.1837 has been tracked. Despite the accommodating tones that emerged from the ECB meeting. The Eur / Gbp exchange rate is still decreasing and for the first time in over a year, it closed below 0.86. The best currencies of the week were some linked to commodities, such as Mexican peso, South African rand, and Brazilian real. Also good week for the Norwegian krone, the Canadian dollar, and the Australian dollar. The decline of the Eur / Rub exchange rate continues, which after breaking the support at 88.30, is continuing its descent.
Eur / Usd
At the moment after bouncing off the support at 1.1837, the pair was unable to break out of 1.20. Should the level be breached, downward pressures on the exchange rate would diminish in the short term. The first resistance on the upside is found at 1.12013. The most important resistance in the area is just below 1.22. To the downside, a break of 1.1837 support would open the way for 1.1756.
Eur / Gbp
The decline in the Eur / Gbp exchange rate continues, falling below the 0.8623 level. A short-term rebound is increasingly expected given the strong oversold level in recent weeks. If the rebound breaks out of 0.8623, it may appear as a false breakout. On the contrary, a slight rebound would undermine the hopes of a recovery in the short term.
Eur / Yen
Last week, the exchange rate pushed above 130. To be confirmed, however, it will have to close the week above that level. The trend is still up, but there are signs of excess from the oscillators.
Eur / Rub
Last week the exchange broke the sideways phase that had lasted for several months. The support at 88.10 was broken. At the moment the target is area 84.32. Oscillators signal an oversold situation.