Trading Ideas And Strategies For EURUSD March 22, 2012


Update 1 (03:25 GMT): Trend traders may find it extremely difficult to make something out of this pair. Since the past few trading sessions, the price has been revolving in between a 100-pip range bounded by 1.3280 and 1.3180. On the other hand, it is field day for the top and bottom hunters because of the predictable nature of the price action. Always bear in this fact in mind – the cash made during such times is easily eroded and such periods are necessary to attract the commoners to come into the currency markets.

Level Technical Significance
1.3333 Daily High Mar 2
1.3291 Daily High Mar 8
1.3286 Session High Mar 21
1.3257 Intraday Resistance
1.3219 03:20 GMT THU 22 MAR
1.3172 Daily Low Mar 20
1.3156 10-Day MA
1.3142 Daily Low Mar 19
1.3103 55-Day MA

Update 2 (13:38 GMT): Germany’s PMI proved to be a decisive factor for this abrupt down move. However, intense supports exists in between 1.3120 and 1.3090 for the time being. Counter-trend traders with fat wallets will try to their level best to buy the bottoms to push the price back to 1.3180 – 1.3200 levels.

Level Technical Significance
1.3291 Daily High Mar 8
1.3286 Daily High Mar 21
1.3251 Hourly High Mar 22
1.3216 Hourly Resistance Mar 22
1.3155 13:30 GMT THU 22 MAR
1.311 55-Day MA
1.3049 Daily Low Mar 16
1.3004 Daily Low Mar 15
1.2983 21-Day Lower Bollinger
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