Spot EUR/USD Forecast for 03/05 by Daytradeideas.com

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EURUSD has initial resistance at 1.3077 today which could hold a bounce, but above here we could see 1.3145 which should hold the topside. If we push through 1.3165 however, we look for a good selling opportunity at 1.3199 with a stop needed above 1.3225.

This pair are severely over sold on the daily chart so there is always the risk of a sharp bounce but there is no other sign of a bottom. Last week’s low at 1.2967 offers support but a break could target 1.2890/80 before finding support in this down trend. However below here we should test
the 200 day MA at 1.2846.

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Long term levels

1.3711     2013 High

1.3528     200 Week Moving Average

1.3486     2012 High

1.3331     100 Week Moving Average

1.3319     Last week’s high

1.3135     100 Week Moving Average

1.3074     38.2% Fibonacci

1.2967     Last week’s Low

1.2877    50% Fibonacci

1.2846    200 Day Moving Average

 

The article was first published by DayTradeIdeas.com

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