Forex Daily Outlook – February 28, 2019

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Published: Feb 28, 2019, 07:33 UTC

EUR/USD The Euro continued to trade sideways in Wednesday's session, as the pair continues to consolidate. The market is likely to be forming a base

EUR/USD

The Euro continued to trade sideways in Wednesday’s session, as the pair continues to consolidate. The market is likely to be forming a base around in order to continue moving higher with major support now extends down to the 1.1250 level. The market is expected to remain choppy, as due overall weak fundamentals from both sides, and pullbacks could attract buyers. …Read More

GBP/USD

The British Pound slammed into the 1.33 level in yesterday’s session, as bullish momentum in the pair prevails. The pair now is trying to reach towards the 1.35 level, which could be a bit difficult for it right now and likely to pull back a bit, before it starts to rally again. The 1.30 level underneath continues to offer maximum support and the market will continue to witness a lot of value hunting. …Read More

AUD/USD

The AUD pulled back slightly after testing the 50 Day EMA during yesterday’s session as the pair struggled to break higher. The pair is going to witness a lot of back and forth momentum and is likely to consolidate between the 0.70 and 0.7250 level. If gold prices can break above the $1350 level, then it would support the AUD to break higher. …Read More

USD/JPY

The USD inched slightly higher during yesterday’s session but is experiencing huge resistance at the 111 level. The pair is expected to consolidate further and is likely to move around the 50 Day EMA. As the pair is positively correlated to the movements of the S&P 500 and will continue to take a cue from it for future movements. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.