The outlook for Europe and Britain improves, and the dollar drops again
As seen from the technical chart, the euro against the US dollar has struggled in the range of 1.1950 to 1.22 in recent months, and has been testing the top of the range again recently. It has been tested many times last week but has not broken. As the chart also shows that the RSI and Stochastic Index have just begun to pull back, so in the current situation that there is no break, the short-term expectation of the euro against the US dollar is more inclined to continue the range to fight for the area, and the closer support will first pay attention to the 1.20 mark. The key support is eye-catching at 1.1950, so if there is a loss in the market outlook, it is expected to introduce significant downward pressure. Calculating the golden ratio, the 61.8% take-off range will be seen to the 1.1885 level. For greater support, refer to the 1.16 level maintained in November last year. Conversely, if the euro can finally make a breakthrough in the market outlook, the euro is expected to launch a new round of rising. The next target is to see the January high of 1.2349, and further reference will be made to the 1.25 mark.
As for the euro against the pound, since the exchange rate fell below the 0.90 mark in the middle of last month, it has been under pressure at the MA-10 and continued to drop. The technical chart sees that the RSI and the stochastic index are still falling. It is expected that the euro against the pound will still have risk to fall. In November last year, the euro against the British pound hit below 0.8856 and 0.8863 respectively. If the exchange rate does not return to the top of this zone, it is expected that the exchange rate is still inclined to continue to fall. The downside key points to the 0.85 mark. it was able to hold above this area on Wednesday, and further support will be at 0.8278, the low of last February. Upper greater resistance at 0.8920 and 0.90 mark.
Resistance 1.2200-1.2349 – 1.2620
Support 1.2000 – 1.1950 – 1.1885-1.1600*
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