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  • EUR/USD, Forecast and Analysis

    February 23, Thursday. EUR/USD, GBP/USD, EUR/GBP, GOLD, US OIL

    MARKET OUTLOOK:

    Yesterday "FOMC Meeting Minutes" news not brought anything new, so market will be waitiing for Trump new tax policy news at the next week, february 28. At present time dollar is trading on resistance and we can expecting good correction with its weakness. This week we already do not have any important news, so technical conditions is saying only for range trading. Today we have "Crude oil inventories", that will bring good trend to this market.

    TECHNICAL FORECAST

    EUR/USD

    Main scenario:
    The market is trading along an uptrend with target on 1.6500, that may be expected to continue, while market is trading above support level 1.0500.

    Alternative scenario:
    An downtrend will start as soon, as the market drops below support level 1.0500, which will be followed by a move down to support level 1.0450/0400.

    eurusd

    previous forecast:
    eurusd

    GBP/USD

    Main scenarion:
    The market is trading along a sideways trend between support 1.2400 and resistance 1.2495. An uptrend will start as soon as the market rises above resistance level 1.2495, which will be followed by a move up to resistance level 1.2585

    Alternative scenario:
    An downtrend will start as soon, as the market drops below support level 1.2400, which will be followed by a move down to support level 1.2345 and if it keeps on moving down below that level, we may expect the market to reach support level 1.2240.

    gbpusd

    previous forecast:
    gbpusd

    EUR/GBP

    Main scenario:
    The market is trading along an uptrend with target on 0.8520 - 0.8580, that may be expected to continue, while market is trading above support level 0.8430.

    Alternative scenario:
    An downtrend will start as soon, as the market drops below support level 0.8430, which will be followed by a move down to support level 0.8360.

    eurgbp

    previous forecast:
    eurgbp

    GOLD

    Fundamental outlook:
    Before Trump tax news at february 28 market will continue to be trading sideways in current range.

    Main scenario:
    An downtrend will start as soon, as the market drops below support level 1225/30, which will be followed by a move down to support level 1217.

    Alternative scenario:
    The uptrend may be expected to continue in case the market rises above resistance level 1243, which will be followed by reaching resistance level 1251.

    gold

    previous forecast:
    gold

    US OIL

    Fundamental outlook:
    OPEC fulfill its agreement on the permanent reduction of production by 90% and while the US continues to increase the volume of oil rigs its follow market to the balance and trade is going sideways between the resistance 54.60 and support 52.50. Exit from this range is possible in the case of changeos of OPEC policy or with the arrival of spring (April), when fuel demand is increases.

    Main scenario:
    The market is trading along a downtrend with target on 53.30 and 52.50, that may be expected to continue, while market is trading below resistance level 54.60.

    Alternative scenario:
    An uptrend will start as soon as the market rises above resistance level 54.60, which will be followed by a move up to resistance level 55.20.

    us oil

    previous forecast:
    crude oil

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