FX.co ★ EUR/USD. Forecast for April 3, 2013

The released yesterday data facilitated the rise of markets. However, European and US stock indices grew. The euro, oil, and gold fell. Manufacturing PMI in the eurozone in March was 46.9 vs. 46.6. The Unemployment Rate in Italy dropped from 11.7% to 11.6%. The Unemployment rate in the eurozone was flat, 12%. US Factory Orders in February were 3% vs. -1% in the previous month (it was estimated 3.1%). There were neither political nor economic events for the markets to drop. We expect the correctional growth will resume (if such reasons do not influence the current situation in the short term).

Today at 16:15 GMT+4 data on US ADP Non-Farm Employment Change in March is revealed. It is expected to be 203K vs. 198K in February. At 18:00 GMT+4 US ISM Non-Manufacturing in March is issued, forecast 55.9 against 56 in February.

Technically, in order the bullish trend resumes, the price has to overcome the resistances of trendline and Kruzenshtern indicator line on the H4 in the area of 1.2845, then the first target 1.2895 opens. If the low of April 1, 1.2771 (it coincides with the support of the trendline on the daily chart) is tested, then targets 1.2750 and 1.2720 open.