EUR/USD Intraday Trading Report February 10, 2012

Update 1 (03:33 GMT): The price has been dilly-dallying along the news flow. It is tough to trade such a headline driven market. The price made multiple attempts yesterday to break through the 1.3300 barrier and surge to the 100-day MA (1.3333). I expect the same to happen to happen today too. A break of that level can usher in more buyers; and this can take the price to 1.3432 which is the 21-day upper bollinger.

Update 2 (08:31 GMT): The see-saw price action continues. These are those days when scalpers have a good time trying to make something out the predictable 20 – 30 pip moves up and down. 1.3215 (the daily low of Feb 09) can act as a mid-term support for the time being.

Update 3 (12:30 GMT): The fall was expected. I am clamoring about this since the past two days or so. And it occurred today. Now, we have to see whether the price stays below 1.3180 or above it.

Update 4 (15:50 GMT): The longer we stay below 1.3180, the greater are the chances of revisiting 1.2931 (daily low January 25, 2012).

EUR/USD Intraday Trading Report February 09, 2012

Update 1 (02:28 GMT): The price has not moved much; but then the Asian session has started just a couple of hours back. 1.3180 may prove to be a support and 1.3300 the resistance.

Update 2 (06:16 GMT): The price has touched and crossed 1.3300. Now, either of the two things can happen (a) it can fall back to 1.3180 or (b) start moving towards 1.3420 with greater vigor. Take positions accordingly. As it has been happening since the past few months,  the direction is basically decided based on the rumor news flow.

Update 3 (12:00 GMT): The price has reversed off the 1.3300 level. Immediate support level is the 10-day MA located at 1.3182. Let us see how the rest of the session is going to play out.

EUR/USD Intraday Trading Report February 08, 2012

Update 1 (06:28 GMT): Giving away the long position at 1.3240 seems like a foolish move now as the price is rising further higher to 1.3300. There is a good opportunity to short at around the 1.3300 levels. The 100-day MA is at around 1.3333. A breach of that level in a convincing manner will alert the bulls.

Update 2 (14:37 GMT): The price is still moving along a tight range of 47 pips set earlier in the session. No positions taken as the price can swing either ways; it can move towards 1.3300 or towards 1.3280.

Update 3 (18:00 GMT): It is well past bedtime over here. I could not take any positions today due to the fairly tight range movement. I could have ended the day with marginal profits if I had held on to the longs from 1.3240 from yesterday.

EUR/USD Intraday Trading Report February 07, 2012

I held on to my long position from 1.3090 levels from February 06, 2012. By the time the pair touched 1.3180, I gave up the position and entered short. However, the price kept on rising and touched beyond 1.3240 levels. Reversed the positions and entered long at 1.3240. although the price was showing a tendency to surge, it didn’t. This morning I closed the long at break even.

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