Intraday Forex Tuesday, February 16 (EURUSD, USDJPY, etc.) The dollar fell and oil-exporting currencies jumped.


Hi everyone. This observation is made around 5:00 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Global shares held firm on Tuesday as most indexes extend their bull run as optimism about the global economic recovery and expectations of low interest rates drove investments into riskier assets.
Concerns over pandemic conditions also easing as infectivity rates are falling around the world, while the roll out of coronavirus vaccines helping to calm markets further.​

The dollar fell as traders looking ahead to an expected economic recovery. Bitcoin pulled back from a record high.
The euro and Swiss franc extends their 2-day rally to new weekly high, while the British pound hitting its highest level since April 2018.
A higher oil prices supported the currencies of oil-exporting countries. Canadian dollar and Norwegian crown rose to multi-week highs.

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  • The euro increased 0.11% to $1.21403, extending its second day of advances while also touched a new weekly high earlier.​
  • The EUR/USD is strengthened with risk assets in favour.​
  • Ahead on Tuesday, investors are looking to euro zone growth estimates, a German sentiment survey and U.S. manufacturing data to gauge the relative pace of the world’s pandemic recovery.​
  • Euro-area finance ministers also will discuss the bloc’s current economic situation and outlook on Tuesday.​
  • While the Federal Open Market Committee minutes from the January meeting is due tomorrow.​
Important Levels to Watch for:​
  • Resistance line of 1.21609 and 1.21911.​
  • Support line of 1.21005 and 1.20703.

  • The yen weakened to 105.557 per dollar to touch 1-week low since last Tuesday, while also edging closer to its 4-month low of 105.763 set on Feb. 5.​
  • The Japanese yen has been casualty of the broad rally in financial markets.​
  • Earlier today, the BoJ Governor Haruhiko Kuroda said that the recent stock price rally reflected market optimism over the global economic outlook, brushing aside views its ultra-loose monetary policy was fuelling an asset price bubble, while also defends ETF scheme.​
  • The yen also weakens after a buoyant mood and a sell-off in U.S. Treasuries dragged on the safe-haven Japanese yen.​
  • Next, all eyes will be on the release of minutes from the U.S. Federal Reserve's January meeting for hints about the likely direction of monetary policy.​
Important Levels to Watch for Today:​
  • Resistance line of 105.713 and 106.181.​
  • Support line of 104.777 and 104.309.​

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