EURUSD Daily Dynamic Pivot Points March 09, 2012

Update 1 (03:25 GMT): After remaining below 1.3180 value, the price of the pair shot past it and is now resting in a range bounded by 1.3270 and 1.3250. 1.3300, 1.3180 and 1.3430 are some of the notable points of interest. By all probabilities, we will try to remain within 1.3300 and 1.3180 today. As usual, the end of the day figure is solely dependent upon the news flow. 1.3300 will try to keep on pushing the prices lower while 1.3180 will do the opposite. Once the price moves past the gravitational pull of 1.3300, it will keep on rising until it touches 1.3430. Please take the trading decisions accordingly.

Since yesterday, I am not receiving the technical levels from Thomson Financial. I have contacted the necessary personnel and they are looking into it. Sorry for the inconvenience.

Update 2 (15:04 GMT): Despite the positive news flow about European sovereign debt, the price of the pair has been dwindling throughout the day. As I type this, the price is at 1.3130, slightly higher than the low price 1.31117. One of the key support points for the day which was 1.3180 was sliced through mercilessly by the traders. And as usual, the same price will now act as a major resistance.

Will the pair fall further towards 1.3050 levels from here? Alternatively, will it start rising from 1.3117? Let us see how the rest of the session is progressing.

Update 3 (): Fitch Downgrades Greece From C To Restricted Default This seems to be the most probable reason why we are seeing such downward momentum with the pair.


About Praveen Pious Francis
A part-time blogger who has a wide range of interests including investing in the stock markets across the globe and broadband technologies in India.

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