EURUSD Technical Analysis Update – March 4th Outlook

March 5th, 2013
in contributors, forex

by Nick Simpson, Forex-FX-4X

  • EURUSD moved as low as 1.2965 on Friday, clearing stops under the 1.3000 handle, but ultimately closing the day above previous support as per the D1 chart below.
  • The euro/dollar currency pair has however managed to close under the 61.8% Fibonacci retrace level.
  • 150% of the AWR (26 period average weekly range) was covered, and an associated 352 pips, as the recent volatility continues.

Follow up:

  • Any extended downside brings the following technical areas of interest.
    • 1.3000 remains as a key psychological level.
    • 1.2900 is aligned with the 200 period D1 SMA (simple moving average).
    • The 1.2880 area is a previous pivot area for the EURUSD pair.
  • Any correction higher could potentially see the following areas providing an element of resistance.
    • 1.3150, an area roughly aligned with daily low from  22/2/13, previously acting as both resistance and support.
    • 1.3317 is the high from last week.
  • COT report update: Large speculators trading futures contracts at the CME (Chicago Mercantile Exchange) have turned net bearish on the EUR (FX) with a net short -9K position versus the prior net long 19K reading.  This represents a shift from $3.2 billion EUR long to $1.5 billion net short, on the weekly basis.
  • The benchmark S&P 500 index was up 0.2% on the week, after printing a 1.8% decline on Monday.  The US dollar index is trading around USDX 82.30, an area not seen since late August, after breaking above recent resistance on Friday.

EURUSD Technical Update 4/3/13, Nick Simpson, Forex-FX-4X.com

Click to enlarge

 









Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.













 navigate econintersect.com

Blogs

Analysis Blog
Econintersect Features
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Live Market Commentary
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
Live Market Conditions
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2015 Econintersect LLC - all rights reserved