Spot EUR/USD Forecast for 03/12 by Daytradeideas.com

EURUSD reached resistance at 1.3041 & over ran slightly to 1.3054. A push through 1.3045/54 does look possible today for a crawl higher to 1.3094, possibly a retest of 1.3134/37 which would be expected to cap a move to the upside.

1.2965/55 support marked the low last week. A break today however cannot be ruled out in this down trend, to target 1.2890/80 & if this fails we should test the 200 day MA at 1.2862. We will be watching for a bounce in this area today.

Long term levels

1.3711     2013 High

1.3525     200 Week Moving Average

1.3486     2012 High

1.3327     100 Week Moving Average

1.3134     Last week’s high

1.3127     100 Week Moving Average

1.2955     Last week’s Low

1.2877     50% Fibonacci

1.2860     200 Day Moving Average

The article was first published by DayTradeIdeas.com