EUR/USD Forex Analysis 7 of March 2013

 

 

 

The EUR/USD currency pair amazed many traders today as most of them are very pleased with the early announcements of Spanish and French bond auction data this event pushed the trading momentum in the vicinity of the 1.3045 level nonetheless there are some investors waiting patiently for the release of the F.O (the factory orders) in Germany.

 

Today is a big day for the European Union mostly because of the announcement of the European Central Bank’s decision regarding the monetary policy headlines announce that a press conference will be held today.

For the time being a short low trend is present in the proximity of the 1.3200 point nonetheless the trading sentiment will continue to stay unchanged.

 

Many traders indicate some heavy resistance levels in the area of the 1.2885 and 1.2076.

 

There are many support levels close to the 1.3019, 1.0952 and finally 1.3085 levels.

 

 

 

High point= 1.3046

 

Low point = 1.2966

 

Trend index = +0.36% – Slightly Bearish

 

 

 

 

 

 

Support 1 = 1.2912                                                  Resistance 1 = 1.3019

Support 2 = 1.2880                                                  Resistance 2 = 1.3052

Support 3 = 1.2848                                                  Resistance 3 = 1.3085