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21.02.2020 05:55 AM
Forecast for EUR/USD on February 21, 2020

EUR/USD

On Thursday, the published minutes from the last ECB meeting were expected to be inconspicuous, the central regulator is no longer confident in the economy's stable growth for a number of external and internal reasons. Against this background, the growth of the US index of business activity in the manufacturing sector of Philadelphia for the current month from 17.0 to 36.7 with a forecast of decline to 10.1 only confirmed the desire of investors to continue buying the dollar. The stock market fell 0.38% (S&P 500), but this is not important for the US currency, since even if a new global crisis erupts, which is expected to begin with the collapse of the Chinese economy, the dollar will only continue to strengthen as a safe haven . The United States is fully utilizing the crisis situation by placing long-term bonds in large volumes. Short-term and long-term bonds worth 214 billion dollars were placed this week, the total US debt reached 23.310.929 trillion. dollars. The next week announced the placement of an incredible $241 billion. With this supply (and demand) for US values, the dollar can only strengthen.

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On the daily chart of the euro, the price continues to decline to its goals: 1.0745 (Fibonacci level of 200.0%) and in the range of 1.0650/80 formed by Fibonacci levels and an embedded line of the price channel.

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The price is falling below both indicator lines on the four-hour chart, the signal line of the Marlin oscillator has returned to negative territory.

Laurie Bailey,
Analytical expert of InstaForex
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