EUR/USD Forecast Weekly 18 Mar 13

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In the previous EUR/USD forecast we noted on a support at 1.2960. I cautioned against any possible bullish correction targeting the 1.3100 / 1.3150 resistance. The better than expected US Non-Farm Payroll probably injected positive sentiments into the global markets as the US employment market picks up.

Technical Analysis

Looking at the EUR/USD chart above we note that the 1.2960 support remained valid and as mentioned previously, the bullish correction did happen and the currency pair tested the resistance of 1.3100.

We continue to note that the region of 1.3 is pivotal to the currency price action. Upper limits remains to be 1.3100 / 1.3150 while the lower immediate support is 1.2960. The RSI suggests that the bearish momentum has faded a fair bit.

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