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EURUSD Technical Analysis Update – March 4th Outlook

EURUSD Technical Analysis Update – March 4th Outlook

EURUSD Technical Analysis Update – March 4th Outlook

  • 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.
  • 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 EURUSD Technical Analysis Update – March 4th Outlook

eurusd technical analysis 4th march EURUSD Technical Analysis Update – March 4th Outlook

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

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