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EUR/USD – Will The Resistance Hold?

Over the last two weeks the EUR/USD has moved in one direction… UP!

It has been hard to identify what will stop the run as several key levels were easily broken.

We now see the currency pair in a historically strong level of resistance and we expect to see this level either slow the advance or reject the upward move back to a support level.

We see the closest support level being at 1.21 and price action will need to be reviewed when back at support.

 

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USD/JPY in long term Channel, will it hold?

The long-term pricing pattern of USD/JPY continues to hold firm. We can see in the chart the ongoing depreciation of the US Dollar against the Japanese Yen. The technicals show a large range bound formation since 2017 with its high at 114.780 and low of 105.111.

Expect to see the USD/JPY continue to decline to test the 105.111 support area. Price action should stabilize around the support area however if the economy continues to trade in fear over Covid19, we can expect to see the USD/JPY fall below the long-term support and towards 100.

We believe the USD will continue to slide on the back of weak Economic numbers from the USA as unemployment increased and average incomes declined, thus affecting the value of the dollar.

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DAX finds support, but for how long?

The selling pressure has subsided on the DAX and has met an area of support which can be considered a buying opportunity. The index might consolidate around the support area giving time for the coronavirus fears to pass. We expect price to be contained around the support area giving an opportunity for the price to continue upwards during next month.

A break below the support line will indicate continuing weakness in the European economy and pricing structure will need to be reviewed.

 

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Server Time Changing to GMT + 3

On Sunday the 8th of March, BIC Markets will move forward by one hour from GMT+2 to GMT+3 as the US will enter daylight savings. Europe will follow on Sunday the 29th of March.

Whilst trading for most products will remain unaffected, there will be a change in the trading hours of some products. European based markets will open one hour later relative to server time as of the 8th of March, but will resume their previous trading hours when Europe enters daylight savings on the 29th of March.

 

How Does This Change Affect you?

The BIC Markets server time will be adjusted from GMT+2 to GMT+3. Trading hours for most currencies and commodity products will remain unaffected by the US daylight savings change. However, you may notice that some products will open 1 hour earlier on Monday morning as not all regions will move forward by one hour with the US.

Please note that the change to GMT+ 3 may affect your EAs and you may need to adjust the time setting prior to the 8th of March.

 

Why Does BIC Markets Make the Change?

BIC Markets updates the server GMT offset to align the daily chart candles with New York close (5pmET). This ensures accurate chart information so that charts always display 5 daily bars for each week.