Forex Forecast And Cryptocurrencies Forecast For March 18 - 22

First, a review of last week’s events:


During the whole week, the European currency was pushed up not only by the growth of the Euro Stoxx 600 index, accompanied by the pigeon rhetoric of the ECB Head Mario Draghi, but also, above all, by an optimistic attitude regarding the exit conditions (and perhaps not the exit) of the UK from the EU.

As a result, the pair re-consolidated within the medium-term corridor 1.1215-1.1570, in which it has been moving since end October 2018, and even approached its central line, reaching a height of 1.1338 on Wednesday, March 13.

Thursday, March 14, turned out to be the only bad day for the European currency. It became known that there would be no meeting of the leaders of the United States and China, Donald Trump and Xi Jinping, in March, and it may happen only in April. This news again aroused investors' interest in the dollar, though not for long, and the pair could be seen at 1.1345 on Friday. As for the end of the trading session, thanks to a strong University of Michigan Consumer Sentiment Index, the pair met it 20 points lower, at the level of 1.1325;


Most experts expected strengthening of the British currency and its growth in March first to the February high (1.3350), and then 200 points higher. This forecast starts to come true: last week's high was fixed at the height of 1.3380, and the pair completed the five-day marathon in the area of a very strong resistance level of 1.3300.

The weekly amplitude of oscillations reached 420 points. And if you look at the pair’s chart, it somehow resembles a cardiogram, whose jumps and falls are related to what was happening these days in London. The Parliament of Great Britain voted against a repeated referendum and spoke in favor of postponing Brexit's deadline to June 30. At the same time, the “hard” exit scenario, without a deal with the EU, was rejected. Now, Prime Minister Theresa May will have to bow to the European Union with a request to postpone Brexit. But the EU reaction to this is another question, since all 27 countries of this community should give their consent to this. And what will happen with the new agreement is also unclear. If the parties could not agree for more than two years, what can they do in the next three months?

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