Spot EUR/USD Forecast for 03/06 by Daytradeideas.com

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EURUSD hit resistance at 1.3077 which did hold the bounce as predicted, but a break above here today looks more likely & targets 1.3145 which should hold the topside now. If however we push through 1.3165 we look for a selling opportunity at 1.3199 with our stop needed above 1.3225.Support today at 1.3016/10 then last week’s low at 1.2967 offers better support. A break is unlikely now but 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 levels1.3711      2013 High1.3528      200 Week Moving Average1.3486      2012 High1.3331      100 Week Moving Average1.3319      Last week’s high1.3135      100 Week Moving Average1.3074      38.2% Fibonacci1.2967     Last week’s Low1.2877     50% Fibonacci1.2846     200 Day Moving Average

The article was first published by DayTradeIdeas.com

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