Elizabeth Belugina
Weekly Outlook

USD/JPY: ourlook for Feb. 27 - Mar. 3

USD/JPY formed a lower interim top just below 113.80. In fact, this top consists of 2 highs, and the second one is lower than the first. Below Feb. 12 low at 112.60 the pair is extremely vulnerable to a decline to 111.70/60 (100-day MA, top of the weekly Ichimoku, February lows, 38.2% Fibo of September-December advance). A decline below this are will open the way for a deeper fall towards 110.00. Resistance is at 113.00, 113.20 and 114.00.
75
Elizabeth Belugina
Weekly Outlook

EUR/USD: ourlook for Feb. 27 - Mar. 3

It was an eventful week for the euro with a significant decline first and the moderate recovery later. The euro keeps feeling negative pressure from the fears about anti-European Union rhetoric from Marine Le Pen ahead of the first round of French elections in April. In addition, the debate about Greek debt relief has once again resurfaced adding to the market’s concerns. The euro area’s preliminary PMI data for both manufacturing and services sectors rose to new cyclical highs but failed to provide support for the single currency. The main thing that let EUR/USD turn upwards was the weakness of the US dollar.
72
Elizabeth Belugina
Weekly Outlook

US dollar: ourlook for Feb. 27 - Mar. 3

The main disappointing factor for the American currency was the Federal Reserve’s meeting minutes. Many traders expected the minutes to turn out hawkish, because the recent comments of the Fed’s Chair Janet Yellen were hawkish. However, the central bank’s statement released on Feb. 1 right after the meeting was dovish, and the minutes echoed this dovishness. No wonder that the USD got hit. In addition, the new US Treasury Secretary Steven Mnuchin said that that any policy steps the Trump administration takes would likely have a limited impact this year. As a result, the bullish impulse provided by Trump’s pledge to unveil “phenomenal” tax plan evaporated.
94
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Elizabeth Belugina
Weekly Outlook

USD/JPY: ourlook for Feb. 27 - Mar. 3

USD/JPY formed a lower interim top just below 113.80. In fact, this top consists of 2 highs, and the second one is lower than the first. Below Feb. 12 low at 112.60 the pair is extremely vulnerable to a decline to 111.70/60 (100-day MA, top of the weekly Ichimoku, February lows, 38.2% Fibo of September-December advance). A decline below this are will open the way for a deeper fall towards 110.00. Resistance is at 113.00, 113.20 and 114.00.
75
Elizabeth Belugina
Weekly Outlook

EUR/USD: ourlook for Feb. 27 - Mar. 3

It was an eventful week for the euro with a significant decline first and the moderate recovery later. The euro keeps feeling negative pressure from the fears about anti-European Union rhetoric from Marine Le Pen ahead of the first round of French elections in April. In addition, the debate about Greek debt relief has once again resurfaced adding to the market’s concerns. The euro area’s preliminary PMI data for both manufacturing and services sectors rose to new cyclical highs but failed to provide support for the single currency. The main thing that let EUR/USD turn upwards was the weakness of the US dollar.
72
Elizabeth Belugina
Weekly Outlook

US dollar: ourlook for Feb. 27 - Mar. 3

The main disappointing factor for the American currency was the Federal Reserve’s meeting minutes. Many traders expected the minutes to turn out hawkish, because the recent comments of the Fed’s Chair Janet Yellen were hawkish. However, the central bank’s statement released on Feb. 1 right after the meeting was dovish, and the minutes echoed this dovishness. No wonder that the USD got hit. In addition, the new US Treasury Secretary Steven Mnuchin said that that any policy steps the Trump administration takes would likely have a limited impact this year. As a result, the bullish impulse provided by Trump’s pledge to unveil “phenomenal” tax plan evaporated.
94
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