Good day forex traders.

For the folks having the Easter holiday, I hope you are having a nice time. Even better if you had a great harvest of pips 🙂

In the previous EUR/USD forecast we noted that the 1.3 line remains pivotal to the currency pair. The fundamental situation remains uncertain due to the Cyprus crisis while the US economy continues to improve.

Technical Analysis

Looking at the EUR/USD daily chart above we noted that the 1.3 line held as a resistance and the currency pair headed south for the week.

Looking at the technical indicators on the chart, there is nothing to suggest an immediate reversal for now. An immediate resistance for the EUR/USD would be the middle of the bollinger bands which is around 1.2950. On the other hand the immediate support would be 1.2800.

Fundamental Analysis

There are speculations that the Cyprus deal brokered in order to secure a bail out may cause small to medium affected companies to run out of liquidity. This may cause worsened economic conditions for the country and send it down a spiral of economy hardship.

The European Central Bank is due to announce the interest rate for the Euro Zone this week and while no major surprise is expected, many investors are keen to look out for any comments regarding the Cyprus situation.

Over in the US, the monthly US Non-Farm Payroll is due this Friday and it is forecasted that jobs would continue to be added and that the unemployment rate will hold at 7.7%.

Trade safely.

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EUR/USD Forecast 1 Apr 13

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