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Forex: EUR/USD treading water at 1.3000

The bloc currency remains trapped around the psychological level of 1.3000 on Tuesday, extending its congestion pattern since the opening bell in London.

According to I.Spivak, Currency Strategist at DailyFX, “Prices have completed a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial trend line resistance is at 1.3061, followed by the 23.6% Fibonacci retracement at 1.3139. A break above the latter level exposes he 38.2% level at 1.3248. Near term support is at 1.2963, the March 6 low”.

At the moment, EUR/USD is down 0.28% at 1.3009 with the next support at 1.2980 (low Mar.11) ahead of 1.2956 (Mar.8) and then 1.2929 (low Dec.11).
On the upside, a breakout of 1.3126 (MA100d) would open the door to 1.3135 (high Mar.8) and then 1.3163 (high Feb.28).

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