Forex market reviews

On Tuesday the 19^th of February, trading on the EURUSD pair started from 1.1310. It dropped to 1.1275 by midday before undergoing a sharp upwards reversal to reach our target of 1.1341. It then pressed on to hit 1.1355 before retreating to close the day below the newly broken resistance. The level to which the pair corrected (1.1341) is, first of all, the intraday high from the 13^th of February, and secondly, it coincides with the 38.2% Fibonacci level of the decline from 1.1514 to 1.1233.

On Monday, trading on the EURUSD pair closed up by a decent amount. By close, the euro had appreciated by 0.11% to finish the day at 1.1308. The single currency has started the week by attempting to reverse the downtrend started at the beginning of February. The euro has lost 1.2% against the dollar since the beginning of the month. We could see this trend reverse in the coming weeks, and the euro may rise as far as 1.1340.