EUR/USD Technical Forecast 12 Mar 13




Good day forex traders.

It is the second day of the week and I hope you are doing fine so far.

In the previous EUR/USD forecast we do note on the strong support of 1.3. In fact Masoud mentioned in his previous EUR/USD review that this region probably needs a major fundamental development before it would yield.

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Looking at the EUR/USD daily chart above we do note that the currency pair has since bounced off the 1.3 support for now. We can see a consolidation pattern at the moment and referring to the RSI below, it seems to suggest that the bears may be losing some momentum as the RSI turns upwards. In view of this, we may see a possibility of the EUR/USD moving upwards targeting the 1.3100 resistance first. This is inline with Masoud view of a need for major fundamental push for the currency pair to break below 1.3.

As we know that historical data ( such as charts and indicators ) can never predict forex movement 100%, always exercise proper money management in the event of an unfortunate lost.

Trade safely.

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