EUR/USD: Weekly Technical Analysis for March 3-7, 2014

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The EUR/USD saw a sharp up rise on Friday 28th of February during the London session after reports showed that an improving CPI was seen in the Europe economy. This gave the euro currency strength against its counterparts and spurred demand for the single currency. Weekly bias remains on the upside as the bulls seem to be in pretty control.


More demand to 1.38910 resistance (December 27, 2013) is expected in the near term picture and a clear break of it might see more demand to 1.4000 psychological zones.  However I suggest waiting for a decent retracement to the 50.0 or 61.8% Fibonacci for a wave 2 formation from the current rise from 1.36929 to 1.38228. This will provide a better opportunity for buying the dips in the current bullish trend.


However a break of supports 1.36929(Friday’s low) and last week’s low 1.36421 might dampen the current bullish run and further decline to 1.35610 could be seen. Key economic indicators to watch for in the coming week is the ECB Press Conference and the U.S employment statistics( Non-Farm Employment Change and Unemployment Rate)


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