Spot EUR/USD Forecast for 03/07 by

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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.





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


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