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EUR/USD Forecast April 15-19

Author 7:07 AM
The euro climbed for a second repeated week. As EUR/USD moved toward significant resistance, could the Euro bounce back? Last week, Euro zone statistics continued to look weak but German readings were climbed.
Keep a close look on these events :
  1. Italian Trade Balance: 16-04-’13  -  9:00.
  2.  German ZEW Economic Sentiment: 16-04-’13  -  10:00.
  3. Inflation data: 16-04-’13  -  10:00.
  4. Mario Draghi speaks: 16-04-’13  -  14:00.
  5. G20 Meetings: 18 & 19 -04-’13 
  6. German PPI: 19-04-’13  -  7:00.
  7. Current Account: 19-04-’13  -  9:00.
  8. IMF Meetings: 19 & 20-04-’13 
All times are in GMT

EUR/USD Technical Analysis and EUR/USD Forecast
The EUR/USD started the week trading between the 1.2960 and 1.30 lines. It then climbed up steadily, finally meeting resistance at 1.3140 before moving back to close at 1.3111.

Technical lines from top to bottom:
1.3400 – Strong Resistance
1.3350 – weak Resistance
1.3290 – weak Resistance
1.3255 – Strong Resistance
1.3170 – Strong Resistance
1.3000 – Strong Support
1.2960 – Strong Support
1.2880 – weak Support
1.2805 – weak Support
1.2750 – Strong Support

We remain neutral on EUR/USD at least shot term. The economic indicators are not that good in the eurozone to remain a long term bullish pattern.

 FX Empire’s technical forecast :

 

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