Forex Daily Analysis : 02 March 2021

The daily forex analysis on 02 March 2021 this time discusses the Euro versus the US Dollar which is weakening, this weakening of the Euro is caused by the strengthening of the US Dollar currency. Although the Euro economic data was released positive, the data was the German Manufacturing Index and the Eurozone. The data released at 57.9 is better than the prediction of only 57.7 and in the previous period it was 57.7. The weakening of the Euro is expected to continue in today's trading, Tuesday, March 02, 2021. Market participants carried out the Euro sell-off which is still ongoing, coupled with the rising sentiment of US government bond yields, making the Euro run out of energy to rise. European currencies are under pressure as top officials from the European Central Bank have warned of rising yields on U.S. government bonds. ECB President Christine Lagarde said that the European Central Bank will seek to limit the excessively rapid increase in borrowing costs for eurozone companies and households. The greenback is increasingly showing its might against several other major currencies. The strengthening of the US Dollar occurred as a result of an increase in bond yields with a long-term tenor of 10 years. This further makes market participants' perception that the American economy will soon recover from the pandemic. The US economic recovery is also visible in several states. This is even more evident after being supported by the stimulus plan of the US$1.9 trillion aid package which is increasingly likely to be approved soon, coupled with the successful distribution and implementation of Covid-19 vaccination which is fast and considered successful. A survey conducted by the Institute for Supply Management (ISM) released on Monday has shown that U.S. manufacturing activity is picking up and hitting a three-year high in February amid a surge in new orders.

Forex Daily Analysis Predictions

Today's FOREX prediction on the EURUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.20100. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on 02 March 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.