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04 February 21
Higher yields boost dollar, melt gold as US stimulus, BOE’s Super Thursday eyed
Elevated returns on US government debt have pushed the dollar higher, with EUR/USD nearing 1.20 and GBP/USD dipping under 1.36. Gold has been on the back foot, nearing $1,800.
The American economy is doing well according to the latest figures. ADP’s jobs report showed a robust increase in jobs while the ISM Services Purchasing Managers’ Index exceeded estimates as well. Both serve as hints toward Friday’s Nonfarm Payrolls figures. Weekly jobless claims are set to drop for a third consecutive week.
The Bank of England is set to leave its policy unchanged and publish its Monetary Policy Report on “Super Thursday.” Governor Andrew Bailey will likely comment on the BOE’s review of negative interest rates, the outlook for the economy and Britain’s successful vaccination campaign. The UK inoculated 10 million of its citizens.
EUR/USD Daily Forecast – Test Of Support At 1.2000
EUR/USD gained strong downside momentum and is trying to settle below the key support level at 1.2000.
Technical Analysis
EUR/USD settled below the support at 1.2040 and is currently trying to settle below the next support level at 1.2000. If this attempt is successful, EUR/USD will gain additional downside momentum and head towards the next support at 1.1965.
In case EUR/USD gets below this level, it will head towards the support at 1.1925. A successful test of this level will open the way to the test of the next support level at 1.1900.
On the upside, the previous support at 1.2040 will likely serve as the first resistance level for EUR/USD. A move above this level will push EUR/USD towards the resistance at 1.2060. If EUR/USD settles above this level, it will head towards the next resistance at 1.2080.
https://www.fxempire.com/forecasts/article/eur-usd-daily-forecast-test-of-support-at-1-2000-698290
https://www.investing.com/charts/forex-charts
EUR/GBP Price Analysis: Bulls eye weekly resistance above 0.8800 ahead of BOE
EUR/GBP takes bids near the intraday high of 0.8831 ahead of Thursday’s European session. The pair marked a corrective pullback during the last two days that currently battles a resistance line from January 26.
Although bullish MACD suggests the pair’s further upside, traders prefer waiting for the Bank of England’s (BOE) monetary policy decision, comprising quarterly events, for fresh impulse.
Should the quote manage to cross the immediate hurdle near 0.8835, another falling trend line from January 22 and 100-bar SMA, respectively around 0.8860 and 0.8865, will be the key.
During the quote’s successful rise past-0.8865, the 0.8900, the 0.9000 psychological magnet and the previous month’s peak surrounding 0.9085 can lure EUR/GBP bulls.
Meanwhile, the latest multi-month low around 0.8795, marked on Tuesday, should stop the bears targeting the early March 2020 high near 0.8740.
In a case where the EUR/GBP prices remain weak below 0.8740, then the 0. 8700 round-figure and April 2020 low close to 0.8670 should gain the market’s attention.
https://www.investing.com/charts/forex-charts
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