Intraday Forex Friday, February 5 (EURUSD, USDJPY, etc.) The dollar headed for its best weekly gain in three months on Friday. Sterling bounced.


Hi everyone. This observation is made around 4:30 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asia-Pacific stocks pushed higher after their U.S. market climbed to a record overnight amid positive quarterly earnings, stimulus talks and progress in vaccine distribution. Oil prices climbed to their highest levels in a year and gold slipped on dollar strength.
The dollar headed for its best weekly gain in three months on Friday, lifted by growing confidence that the U.S. economic recovery and vaccination progress will outpace global peers. The pound sterling jumped after the BoE kept interest rates unchanged.​

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  • The euro changed hands at $1.19560, having hit a 2-month low of $1.19524 earlier today.​
  • EUR/USD on Friday tumbled to a fresh 2-month low weighed on a weaker-than-expected Eurozone economic data. Eurozone Dec retail sales rose but weaker than expectations, while the German Jan Markit construction PMI fell for eleventh consecutive month the index has remained below 50.0 and in contraction.​
  • Meanwhile, the dollar strengthened as the U.S. lead in the pace of vaccinations over other nations is starting to boost the prospects of an earlier economic recovery in the U.S, plus the optimism that U.S. President Joe Biden is to pass more fiscal stimulus.​
  • The dollar is to face another test later today with the release of labor data, which will help confirm whether the world's largest economy has been able to shrug off a dip in growth toward the end of last year.​
Important Levels to Watch for:
  • Resistance line of 1.20420 and 1.20752.
  • Support line of 1.19344 and 1.19012.

  • The dollar edged 0.06% higher on Friday at 105.555 yen after earlier pushing as high as 105.70 for the first time since mid-November.​
  • A rally in stocks weighed on the yen as they reduce the yen's safe-haven demand. The yen also has carry-over pressure from Wednesday on comments from BoJ Deputy Governor Masazumo, who said the BOJ's policy review set for March is not meant to find ways to talk of tighter monetary policy and that "the BoJ does not intend to tighten monetary easing."​
  • The markets also looked for clues to their next move, possibly from the U.S. jobs report on later today.​
Important Levels to Watch for Today:
  • Resistance line of 105.827 and 106.099.
  • Support line of 104.949 and 104.677.

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