EUR/USD Forecast February 4, 2013, Technical Analysis

The EUR/USD pair rose again during the Friday session as the nonfarm payroll numbers in America came out pretty much as expected. This being said, we have broken above the 1.350 level, which of course was an area that we had anticipated being a breakout point. With that being the case, certainly you can only buying this market now, and we will do so on pullbacks.

We did give back quite a bit of the gains for the Friday session, but it should be noted that a lot of traders would have closed out their books due to the upcoming weekend. With that being said, we place a little less emphasis on the fact that we ended the day a bit on the weak side. We believe 1.350 will be a “floor” in this market going forward.