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EUR/USD Forecast Weekly 4 Mar 13



Good day forex traders and readers.

How is your weekend so far? I hope you are enjoying a celebration of harvest pips! If you had a loss instead, don’t fret. As long as your forex proper money management is there, you will live to trade another day and gain some experience at the same time!

In the previous EUR/USD forecast we noted that the target of 1.3100 was hit. There was bullish correction observed and the ECB president was reported to be adopting a hawkish stance with regards to the euro currency’s support. This probably added to the bullish sentiment.


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Technical Analysis

Looking at the EUR/USD daily chart above we note that the bearish momentum is back with a vengeance. Slicing through supports like a knife through butter, 1.3 was tested and 1.2s was momentarily held. In the meanwhile I want to congratulate our forumers who called for a 1.3 target and who have by now took profit 🙂 well done ! This bearish momentum is strong and if 1.3 fails to defend itself, next may be 1.2890 followed by 1.2800. Any bullish attempt to regain lost ground will need to overcome 1.3100 and then 1.3150.



Fundamental Analysis

Current sentiments seem to favor the US dollar as demand is increasing. This is seen on the money markets such as bonds. This may be due to recent unfavorable euro zone economic developments. It was reported that manufacturing had shrunk and that unemployment continues to rise. This is of concern as the Euro Zone remains economically fragile and such developments may further deteriorate the situation.

To further add on, the automatic budget cuts inflicted upon the US is probably causing a drag on economic sentiments too as investors are worried that growth may be affected. Political disagreement in the US is also not healthy for economic progress.

There are a number of important economic releases due this coming week. For example the interest rate announcement by the ECB and the US Non-Farm Payroll. Do ensure that proper money management is applied.

Trade safely.

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