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Forecast for EUR/USD on February 26, 2021

EUR/USD

Yesterday's strong US economic data and rising government bond yields pushed the dollar (currency index) up 0.2%. The index is growing by another 0.15% in today's Asian session. The second estimate of US GDP for the fourth quarter was raised to 4.1% from 4.0% earlier, the volume of orders for durable goods in January grew by 3.4% (0.9% forecast), unemployment reached 730,000 against the forecast of 828,000. The yield on 10-year bonds increased from 1.37% to 1.53%. Add to this the 2.45% stock market crash (S&P 500) manifests itself in all its fullness, a large-scale departure from risk and return to cash. A little later, this money will be invested in new issues of US bonds under the "Biden plan".

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The euro has formed a spike on the four-hour chart - a reversal pattern. Returning to the area under the MACD line (blue indicator, 1.2106) opens the nearest target at 1.2023, followed by 1.1915.

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The price has reached the MACD line (1.2142) on the four-hour timescale, while the Marlin oscillator is ready to enter the downward trend area. Thus, falling below 1.2142 will signal a breakout to the nearest bearish targets.

The material has been provided by InstaForex Company - www.instaforex.com