Is the short dollar squeeze turning the corner?

Ichimoku Kinko Hyo

EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

Fibonacci Levels

XAG/USD: Silver shows some significant moves higher. Now it is trading between the 23.6% and 38.2% retracement area.

EU Market View

Asian equities were mostly positive after the stimulus-driven momentum on Wall St. which lifted all major US indices to fresh unprecedented levels. Oil prices edged up to their highest in 13 months on Tuesday as supply cuts by major producers and optimism over fuel demand recovery support energy markets. Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak since January 2019. Auto sales in China, the world's biggest market, surged in January with a 30% jump from the same month a year earlier, the tenth month of gains, as China continued to lead the global automobile industry's recovery from the COVID-19 pandemic. The French economy is still on course to rebound 5% this year despite the uncertainty created by the coronavirus pandemic, the head of the central bank said on Tuesday, reiterating its December forecast.

Looking ahead, highlights from the macroeconomic calendar include German trade balance, US NFIB Business Optimism, ECB's Lane, Fed's Bullard, supply from Germany & the US, earnings from Total, Cisco, and Twitter.

EU Key Point

• Italy's Berlusconi supports that Draghi saved the euro, has a great capacity to manage difficult situations.
• French central bank estimates that the economy is operating 5% below pre-crisis levels in February.
• Germany reports 3 379 new coronavirus cases, 481 deaths in the latest update today.

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