Algorithmic Trading Strategies For EURUSD March 26, 2012


Update 1 (04:30 GMT): Seems like they have not switched on the algorithmic trading systems today. Ever since the beginning of the session, we have been moving in a small 27 pip range. Immediate resistance levels are seen at around 1.3300 and above. Gauging from the sluggish trading activity, we must fall further down from these level unless intense buying comes into the scene.

Level Technical Significance
1.3486 Daily Highs Feb 24 & 29
1.3456 21-Day Upper Bollinger
1.3357 Daily High Mar 1
1.3333 Daily High Mar 2
1.3257 04:30 GMT MON 26 MAR
1.3218 Hourly Support Mar 23
1.3188 Hourly Lows Mar 23
1.3167 10-Day MA
1.3134 Daily Low Mar 22

Update 2 (14:44 GMT): The price has cut through some major resistance levels after displaying intense weakness during the Asian session. The problem when new high price is created remains the same; the prices can (a) either surge even higher while triggering the stops (b) or fall steeply from the high price. In this moment of uncertainty, please trade with adequate caution. As of now, some of the major players in the market are holding long positions. These include (a) IFR Markets and (b) HSBC Bank. IFR Markets – holding longs from 1.3225. SL 1.3155. Target 1.3450. HSBC Bank – Buy 1.3200 to 1.3250. SL 1.3090. Target 1.3600

Level Technical Significance
1.3487 2012 High Feb 24
1.3486 Daily Highs Feb 24 & 29
1.3422 21-Day Upper Bollinger
1.3357 Daily High Mar 1
1.3327 14:30 GMT MON 26 MAR
1.3253 Hourly Support Mar 26
1.319 Hourly Lows Mar 23
1.317 10-Day MA
1.3134 Daily Low Mar 22
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