EURUSD Fundamental & Technical Analysis (April 9, 2013)

The EURUSD had a week very bullish, which, provided many opportunities for traders to place buy orders in this pair though, we must be careful with this sudden “change of trend” because it could be a “false positive” .

The EURUSD has started this week, moving in range and currently, is facing a resistance level 1.3012, which, if breaks it, the EURUSD could rise to the next resistance at 1.3076, which has there a the 200 day moving average . To seek sell orders in this pair, the EURUSD needs to do a breakout in the support at 1.2869, which would lead to this pair to fall to the next support at 1.2772. The MACD indicator is in postive territory and still shows no signs of overbought in this pair.

In the fundamental outlook, we must be attentive to the words of the president of the U.S. Federal Reserve, Ben Bernanke, today at 00:15 GMT. These statements could be optimistic for the U.S. dollar, which could mean downward movements in the EURUSD for today’s session.

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