TriumphFX Forex Analysis – EUR Pairs – January, February & March 2021


Previous analysis… https://analysis.dehuifx.com/2020/10/02/triumphfx-forex-analysis-eur-pairs-october-november-december-2020/

EURCHF – Daily and 4 Hour Charts

EURCHF Daily Chart
EURCHF 4 Hourly Chart

As suggested in our last EUR chart analysis, EURCHF has been finding resistance around 1.0875.

The EURCHF continues to be indecisive on the daily time-frame. Price action is forming a bullish consolidation pattern though, suggesting that price may break higher. The daily moving averages confirm the potential upside – they are bullish and steady.

The EURCHF is also looking indecisive on the 4 hour time-frame.

Buying opportunities could exist around the 4 hourly and daily moving averages, around the daily consolidation diagonal support area and around the horizontal levels at 1.0740, 1.0670 and 1.0615. A bullish move may be rejected or reverse around the horizontal resistance levels at 1.0880, 1.1020 and 1.1045.

The Swiss National Bank (SNB) continues to keep rates at the all-time low of -0.75%. The SNB recently announced that it will continue to intervene with in foreign exchange markets but will likely keep rates unchanged until at least 2021.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

EURGBP – Daily and 4 Hour Charts

EURGBP Daily Chart
EURGBP 4 Hourly Chart

EURGBP reversed around 0.8870, as suggested in EUR chart analysis.

On the daily time-frame, price was showing signs of a potential uptrend. EURGBP is now looking indecisive though. The daily moving averages are tight and moving sideways – confirming the market indecision. Price is ranging between 0.8870 and 0.9260.

Price is also indecisive on the 4 hour time-frame.

Trading opportunities may exist around the support and resistance areas of the daily range and if EURGBP moves out of the range (break-out trade). A break to the downside could stall or reverse around 0.8680 and 0.8300. A break to the upside could stall or reverse around the recent highs at 0.9425.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

EURJPY – Daily and 4 Hour Charts

EURJPY Daily Chart
EURJPY 4 Hourly Chart

As suggested in our last EUR analysis, price reversed around the daily longer-term moving average.

The EURJPY continues to be indecisive on the daily time-frame. Price action has formed a potential horizontal channel at 121.70-126.50. The daily moving averages are tightening and starting to move sideways – confirming the market indecision.

Price is up-trending on the 4 hour time-frame. The EURJPY is currently in a retrace move. The 4 hour moving averages are bullish and widening, signalling that the uptrend may continue.

Trading opportunities could exist around the support and resistance areas of the daily horizontal channel and if the EURJPY moves out of the channel (break-out trade). Long opportunities could exist around the daily and 4 hourly moving averages, around the 4 hour key Fib levels, around the 4 hour trend support area and around the horizontal levels at 125.70, 125.00, 122.85, 119.30, 117.10 and 114.70.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

EURUSD – Daily and 4 Hour Charts

EURUSD Daily Chart
EURUSD 4 Hourly Chart

The EURUSD has been bullish and has swung higher, as suggested in our last EUR analysis.

On the daily chart, price is clearly up-trending and is currently forming a swing higher. Price action has formed a bullish channel, suggesting that the upside direction could continue. The daily moving averages confirm this – they are bullish and steady.

EURUSD is up-trending on the 4 hour chart also. The moving averages are bullish and widening.

Long opportunities may exist around the dynamic support of the 4 hour and daily moving averages, around the daily bullish channel support area and around the horizontal levels at 1.2170, 1.2070, 1.1950, 1.1900, 1.1815, 1.1755, 1.1615 and 1.1400. A bullish move could be rejected or reverse around the bullish channel resistance area.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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