Simple Trading Ideas For EURUSD March 13 2012


Update 1 (02:37 GMT): The 1.3090 level cited yesterday proved to be a major support point for the market. The price has been rising ever since then. 1.3180 is the next significant milestone which can stop this up move. Watch out for that point. It will try its best to push the price down. However, if intense buying pressure comes once again, the same level can become a support point for the rest of the session.

Level Technical Significance
1.3291 Daily High Mar 8
1.3279 Daily High Mar 9
1.321 61.8% of 1.3291-1.3079
1.32 Psychological Level
1.3175 02:20 GMT TUE 13 MAR
1.3079 Session Low Mar 12
1.3055 50% of 1.2624 – 1.3487
1.3 Psychological Level
1.2974 Daily Low Feb 16

Update 2 (13:09 GMT): The 1.3180 level did act as a major resistance point for the day. The price has reverted back to 1.3060 levels. This price should hold the market for sometime. More detrimental headlines can take the price to 1.30 levels. Let us see what is in store for the rest of the session.

Level Technical Significance
1.3291 Daily High Mar 8
1.3279 Daily High Mar 9
1.3223 30-Day MA
1.3192 Session High Mar 13
1.3062 13:00 GMT TUE 13 MAR
1.3055 50% of 1.2624 – 1.3487
1.3024 30-Day Lower Bollinger
1.3 Psychological Level
1.2974 Daily Low Feb 16

Technical Significance levels taken from Thomson Financial.

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