Forex Guides

EUR/USD Forecast Weekly 11 Mar 13

Good day forex traders and koalas.

Have you set your targets for the new week of forex trading? Well if you ask me, it is important to plan and set targets in forex trading. Having said so, do make sure it is a realistic one. Remember there is no over night riches in forex trading to be had.

In the previous EUR/USD forecast we note the strong bearish momentum hitting the 1.3 support. Being a usually strong support and resistance region, caution was advised as it could go either ways from here. This made the monitoring of on going developments necessary.


Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair is now currently at the 1.3 support region again! The trading week gave us volatility as the currency pair alternated between bullish and bearish momentum. We do note an immediate support of sorts at 1.2960 too. While the greater trend is obviously bearish, I would urge all to be cautious in the event of any bullish correction back to 1.3100 / 1.3150.

Fundamental Analysis

The European Central Bank ECB decided to hold the current interest rate of the Euro Zone and this definitely gave a boast to the market sentiments. There were some speculations of an interest rate cut initially due to the recent weakness observed. The US Federal Reserve and ECB continued to signal an overall inclination towards monetary policies that are supportive and hence investors are keep upbeat too on developments.

The US Non-Farm Payroll came in much better than expected and this likely injected much positivity into the markets. The unemployment rate has fallen to an unexpected low of 7.7% too.

Readers and forex traders, you may wish to observe the EUR/USD first in the new trading week to get a clue on how all this developments will be absorbed before committing into a trade. Important economic data is due to be released too. For example the US retail sales.

Trade safely.

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