#forexbreakfast Forex – 01/03/2022
The EuroDollar exchange rate experienced high volatility this week as a result of the evolution of the situation in Ukraine, which prompted strong purchases of the dollar as a safe haven. From a technical standpoint, the persistence of the support level at 1.1117 confirms the significance of this level as a “bulwark” against further declines in the exchange rate. The main level to watch is the strong weekly dynamic resistance at 1.1479, as attempts to rebound the exchange have so far stalled around that value.
The ruble depreciated sharply at the start of the week. Russia’s markets have been closed and the exchange rates are very low, according to Bloomberg. Given the foregoing, technical analysis is extremely difficult given the lack of transparency in exchange rates.