EUR/USD-Tighter and Tighter it Winds….
| March 10, 2010 | Posted by admin under Stock Market Analysis, Swing Trading Ideas |
There was some movement today, but the daily range has narrowed. The EUR/USD is a trending currency and will eventually make a trending move, but now it trades between two pivotal levels, 1.3430 and 1.3740.
The recent swing have given us some support and resistance within the range: Support comes in at 1.3540-1.3525. A drop below this area is likely to head towards the lower part of the range encountering more support at 1.3490, 1.3460 and 1.3430. A break below this major level indicates another leg down in the trend.
Resistance is evident in the area of 1.3700 followed by 1.3740 and 1.3785. A move up into this area and beyond 1.3800 would break the daily downward trendline indicating a further correction.
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