This morning the euro is around the psychological level, trading at price levels of January 4, which seems to be easily vulnerable for the next few hours. This drop was due to the unemployment rate in the euro one, it returned at a record high and almost touching 12%.
Now if you look at the weekly chart of the euro, this pair has a strong support at 1.2898, which is the fractal weekly. Probably before the pair has a technical rebound, there will be a drop to this level. On the other hand, a weekly close above 1.30 increases the odds of a bounce till the level of the uptrend line. Therefore, we recommend being attentive to these two key levels: 1.2898 (Fractal weekly) and 1.30 psychological level.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
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Performed by Gerardo Porras, Analytical expert InstaForex Group © 2007-2013 |
EUR/USD weekly analysis for March 1, 2013 (rebound strategy)
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