EUR/USD Forecast 5 Mar 13

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In the previous EUR/USD forecast we do note of the crucial region the currency pair is in. 1.3 is a strong psychological level and many investors are probably watching this support and resistance level.

I want to focus on the lower time frames and hence the hourly EUR/USD chart. We do note that the currency pair is now easing off from the 1.3 support. This is not surprising and I hope no one was caught off guard. There is still possibility of continued bearish momentum and we probably need to monitor the ongoing economic data releases for a clue to the underlying sentiments.

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