Vladimir Mihaylov
Independent Analyst
FOREX FORECAST 29.02.2016-04.03.2016. EUR is under pressure ahead the ECB meeting in march. The market is waiting for the ECB decision as mr.Draghi has said ECB is ready to act in march. So i expect some more sideways consolidation tduring whole this week and the beginning of the next too. The upside is limited by 1.1000 and 1.1050, while downside is supported by 1.0870 and 1.0800. Any drop below 1.0800 will cause another 200 pips drop or even more.GOLD performs well because of the market's fear becaise of the ECB future decision. We have a clear 'flag' formation on Daily which suggests more upside is coming. For now 1215 serves as support level. Upside is limited by 1240-1250. Daily support is 1204 and reversal point is 1180.NZD starts the week with some downside gap. The price is supported by Senkou Span B price at 0.6615 but we are currently below and this now serves as resistance. Further supports are 0.6580 and 0.6540. If we break them i think it won't last for long.AUD uses 0.7100 support which is the Senkou Span B price too to get some more to the upside, but is facing two resistance levels at 0.7140 and 0.7160. Only a Daily close above the second cound be a signal for more upside in future.JPY has lost again support at 113.20 and is currently heavy bearish. Indicators currently show more downside is comming. Targets are set again at 112 and 111. Upside is limited by 114.10 and i do not expect for it to be broken or even reached.GBP has made a huge drop last week and this week it will look for support inside the support area of 1.3700-1.3900. Will the UK leave EU - well i think not, but rumors about possible leaving continue to destroy the pair's price.RUB is trying to break the positive Daily cloud to the downside, however it not seems to give up so easy. Support is at 74.00 and resistance is 76.80. I think this week we shall continue to move in this range. But any close outside of it will start a new wave in same direction.For today:LONG EUR above 1.0870 SL 1.0855 TP 1.0970-1.1020-1.1040SHORT EUR below 1.1040 SL 1.1055 TP 1.0970-1.0930-1.0890-1.0870LONG GOLD above 1215 SL 1212 TP 1222-1236-1242SHORT GOLD below 1200 SL 1203 TP 1190-1182-1176
Good luck!
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