EUR/USD Weekly Forecast 18 Feb 13

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Good day forex traders and koalas.

In the previous EUR/USD forecast we noted that the EUR/USD was bearish and the immediate support might be the previous consolidation region of 1.3320. There were talks recently of the stronger value of the EUR/USD hurting exports. Such dovish comments might affect sentiments.

Technical Analysis

Looking at the EUR/USD chart above we noted that the currency pair attempted to recover right up to the mid week. After which the EUR/USD was overwhelmed by bearish pressure and tested the 1.3320 mentioned last week. I love it when my chart works Now if the bearish pressure continues, a failure of 1.3320 may bring us to 1.3250. A bullish correction will likely see some resistance at 1.3400 first. We are also on the support region of a longer term bullish trend line and hence it will be crucial to monitor the price action here.

Don’t miss the fundamental analysis

continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.