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<\/a><\/p>\nBy Fast Brokers<\/p>\n
The EUR\/USD is edging up on light volume as investors continue to bite on oversold conditions.\u00a0 The Trade Balance and Factory Orders data from Germany cheered up the bulls yesterday.\u00a0 However, we haven\u2019t seen any game-changing movements to the upside with our 1st tier downtrend line bearing down on price.\u00a0 The near-term obstacle will be hopping over 3\/31 highs, or our 1.3351 resistance.\u00a0 European paired currencies could be relatively quiet over the remainder of the week as traders shut off their computers early to celebrate Easter with their families.\u00a0 However, don\u2019t forget the BOE announces its monetary policy decision today while the U.S. releases its Trade Balance and weekly Unemployment Claims.\u00a0 The battle of the trends proceeds with the downtrend holding the upper-hand for now.\u00a0 There are multiple tiers bearing down on price and vicious war zones lie ahead, including the psychological 1.35 level, 4\/6 highs, and the 3\/20-3\/26 trading range.\u00a0 On the other hand, the fact that 4\/8 lows were above 3\/30 lows keeps the uptrend alive.\u00a0 Additionally, our 1st tier uptrend line held relatively well.\u00a0 Therefore, we wouldn\u2019t be surprised to see more near-term gains from the EUR\/USD.\u00a0 The question will be whether the momentum from the current upswing can sling the EUR\/USD past April highs, or if the rally falls short.\u00a0 It seems investors are waiting for U.S. equities to make up their minds directionally, which may not happen until we see earnings from financials and the results from the \u2019stress tests\u2019.\u00a0 We expect the positive correlation between the S&P futures and the EUR\/USD to hold true, so keep an eye on both.\u00a0 Fundamentally, our 1.3271 resistance turns support while we maintain our supports of 1.3223, 1.3192, 1.3162, and 1.3126.\u00a0 To the topside, we hold our resistances of 1.3323, 1.3351, 1.3375 and 1.3413 with fresh top-end hanging at 1.3455.\u00a0 The 1.35 area acts a psychological barrier again with 1.30 serving as a key psychological cushion.\u00a0 The EUR\/USD is currently exchanging at 1.3281.<\/p>\n