EUR/USD Forecast March 7, 2013, Technical Analysis

The EUR/USD pair had a strong showing on Thursday, slicing through the 1.38 level, and slamming into what is considered to be the downtrend line from the monthly downtrend channel. Because of this, we believe that the daily session today is going to be important, and as a result if we get a break above that trend line, or above the 1.39 level essentially, we would be for fairly bullish of the Euro, expecting it to enter into a longer-term climb higher as it would break down a trend line that started during the financial crisis.