Spot EUR/USD Forecast for 03/07 by Daytradeideas.com

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EURUSD hit resistance at 1.3077 which held the bounce again. We have tested support at last week’s low of 1.2967. A break is unlikely as stated yesterday & we have in fact bounced off here. We have a bullish double bottom formation indicating a move back to 1.3077/80 now. A break above here targets 1.3145 which should hold the topside at this stage but if we push through 1.3165 we look for a test of 1.3199 resistance with 1.3250/55 likely to hold a bounce this week.

1.2965 support is providing a floor to the recent sell off but a break should target 1.2890/80 before finding support in this down trend. However if this fails we should test the 200 day MA at 1.2846.

 

[[nid:1114976]]

 

[[nid:1114977]]

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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