EURO Weekly analysis and Market Latest Forecast, before open the market, on Mar-06, 2022.

somrat4030

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EURO price weekly forecast

EURO WEEK IN REVIEW​

It was a brutal week for the Euro as the Russian invasion of Ukraine intensified. Sweeping sanctions by the European Union and the United States, while punishing for the Russian economy, have reverberated back to the Euro as economic risks skyrocket for the Eurozone.

On the low end, EUR/GBP rates lost -1.68%, their worst weekly loss since mid-November 2021. EUR/USD rates dropped by -3.03%, their worst weekly loss since mid-March 2020, the start of the COVID-19 pandemic. EUR/CHF rates, which plunged by -3.98%, experienced their worst weekly decline since January 2015, when the Swiss National Bank removed the floor in the exchange rate.

With commodity prices soaring as energy and grain supplies appear threatened in the short-term, several other EUR-crosses produced even more dramatic losses. EUR/CAD rates slumped by -2.84%, EUR/NZD rates lost -4.68%, and EUR/AUD rates sank by -4.98%.

Source: dailyfx.com/forex/fundamental

On the other hand, The war in Ukraine also put pressure on the euro in US trading on Friday.​

Most recently, the common currency was quoted at 1.0910 US dollars. In European business, the euro fell below the USD 1.09 mark for the first time since May 2020. The European Central Bank had set the reference rate at 1.0929 (Thursday: 1.1076) dollars. The dollar had cost 0.9150 (0.9029) euros.

Moreover, look at the money It was the worst week for EUR/USD (-2.97%) since March 2020. EUR/CHF is down 3.89% in its worst performance since the SNB lifted the franc's peg to the euro in early 2015. Focusing on the US dollar and similar behavior, the Japanese yen outperformed EUR/JPY , down 3.64%, its highest since May 2011.

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Elsewhere, Silver (XAG/USD) holds onto the week-start gap-up near $24.50, up 0.90% intraday during Monday's Asian session. The bright metal rose during the last four consecutive weeks as global markets rushed towards the precious metals in search of risk-safety due to the Russia-Ukraine crisis.

Technical analysis​


Silver prices remain firmer inside a three-week-old ascending trend channel, between $24.30 and $25.30 at the latest. That said, January's high near $24.70 acts as the immediate upside barrier for the XAG/USD prices.

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