Technical Forecast for EUR/USD
EURUSD is just drifting sideways this week. We became very oversold after 4 weeks of heavy losses & this consolidation period will allow the oversold oscillators to unwind. We tried a break below 1.2965/55 which was not a surprise in this down trend, but we have held on to 1.2911& bounced. Below here finds support at 1.2890/80 but if this fails we should test the 200 day MA at 1.2865. We will be watching for a bounce in this area today.
We are sitting above 1.3008 giving us the opportunity to test 1.3067 resistance & possibly reach as far as 1.3100/3115 but this area should cap a move higher today.
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