EUR/USD Weekly Technical Report 4-8/3/2013
ecPulse
2013-03-04 07:14AM UTC
The pair moved further to the downside achieving more of the extended targets of the AB=CD bearish harmonic Pattern, as we see the pair stable below 88.6% correction of the CD Leg at 1.3080 and below Linear Regression Indicator 34. Therefore, the pair might extend the downside move this week eying 1.2905 levels representing 113% of the CD Leg, as we might see extension toward 127.2% at 1.2805 levels. Trading below 1.3155 levels is negative but stability below 1.3080 further supports negativity.
The trading range for this week is among the key support at 1.2805 and key resistance at 1.3155.
The general trend over short term basis is to the upside targeting 1.3990 as far as areas of 1.3350 remains intact.
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