Intraday Trading Strategies For EURUSD March 23, 2012


Update 1 (02:40 GMT): These are predictable times indeed. Just as I had cited yesterday, the fat wallets turned the trend overnight by absorbing the selling pressure that existed on this pair. We are back to 1.3200 levels and will continue with the choppy price action unless we break through the 1.3300 or 1.3100 barrier. Such rangy times are necessary and occurs in a cyclical manner in every stock market. It is designed to attract the inexperienced traders. They might be minting money by picking the tops and bottoms because of the predictable nature of the price action. And they will continue to do so, until they realize their methods aren’t exactly working.

Always remember – the market giveth; the market taketh! If it knows to give you money, it also knows to make you a pauper. Enjoy the ride until it lasts!

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
1.3198 02:40 GMT FRI 23 MAR
1.3134 Session Low Mar 22
1.3049 Daily Low Mar 16
1.3004 Daily Low Mar 15
1.2983 21-Day Lower Bollinger
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