#forexbreakfast focus forex (eng)
Last week was again characterized by the generalized weakness of the dollar. US rates are still the main driver of the currency market. The currencies of the emerging sector mainly benefited from the decline in US rates. Excellent week for the South African rand which continues to show a strong correlation with the prices of industrial metals. The Indian rupee is still weak, penalized by the bad contagion situation, reaching a record level. Ruble volatility increases due to renewed tensions between Russia and the United States. During the week there is a meeting of the Russian central bank, expectations on the rise in rates. In Turkey, the central bank met last week, with interest rates confirmed. Removed the commitment to carry out restrictive measures in case of need. A renewed depreciation of the Turkish lira cannot be ruled out in the coming months. The Eur / Usd exchange rate rose above 1.20, in the wake of the news of the arrival of an additional 100 million Pfizer doses in 2021. The advantage of the US vaccination campaign over the European one is expected to translate into an advantage economic, which should be reflected in the exchange rate.
Eur / Usd
The bullish movement continues for the Eur / Usd which has exceeded the 1.20 level. If it closed over 1.20 during the week, the next target could be 1.2184. The stochastic oscillator, however, is in the area of strong overbought, it is reasonable to expect a break in the bullish movement. On the downside, the first support to monitor is 1.1941.
Eur / Gbp
Exchange neutral week with the British pound, which remained close to 0.87, only weakening at the close. On the upside, the indications of last week remain valid, with resistance at 0.8783 and 0.8791. On the downside, however, we find the support to be monitored at 0.8623. The oscillators give divergent indications.
Eur / Yen
The euro yen exchange rate did not move many weeks, which remained around the 130.50 area. The indications of last week remain valid. On the upside, the resistances at 130.69 and 131.24 should be monitored. On the downside, there are two supports at 128.83 and 126.44.
Euro / Rub
The resistance at 92.86 is essential to avoid a further rise. in the event of a breakout, the following levels would be found at 94.66 and 99.58. On the downside, first support at 90.97 and 89.75.