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Good day forex traders and readers.
In the previous EUR/USD forecast we noted that the target of 1.3100 was hit. There was bullish correction observed and the ECB president was reported to be adopting a hawkish stance with regards to the euro currency’s support. This probably added to the bullish sentiment.
EUR/USD chart
Technical Analysis
Looking at the EUR/USD daily chart above we note that the bearish momentum is back with a vengeance. Slicing through supports like a knife through butter, 1.3 was tested and 1.2s was momentarily held. In the meanwhile I want to congratulate our forumers who called for a 1.3 target and who have by now took profit well done ! This bearish momentum is strong and if 1.3 fails to defend itself, next may be 1.2890 followed by 1.2800. Any bullish attempt to regain lost ground will need to overcome 1.3100 and then 1.3150.
Don’t miss the fundamental analysis and technical chart
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.
View the original article: http://forexforums.dailyfx.com/blogs/thegeekknows/16350-eur-usd-forecast-weekly-4-mar-13.html
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