EUR/USD fell hard during the previous week. The pair took back all of the gains from the week before, and it looks as if the 1.35 level will continue to push prices down. However, the candle from three weeks ago shows a hammer down to the 1.30 level. The area should be significant support, and we could see the area produce some kind of supportive candle, and that would be a buy signal, albeit on the short term. As for the long term, this pair is simply far too choppy for longer term investors to be bothered with.

EUR/USD

EUR/USD Forecast for the Week of March 5, 2012, Technical Analysis

EUR/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.3031
1.3108
1.3154
1.3231
1.3277
1.3354
1.3400

 Fibonacci
1.3108
1.3155
1.3184
1.3231
1.3278
1.3307
1.3354

 Camarilla
1.3165
1.3176
1.3188
1.3231
1.3210
1.3222
1.3233

 Woodie's
-
1.3100
1.3137
1.3223
1.3260
1.3346
-

 DeMark's
-
-
1.3254
1.3220
1.3131
-
-