NY Friday begins. EURUSD watch 1.3513 again

Written March 19, 2010 at 12:45 PM EST by  

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The 1.3513 was talked about in an earlier reportĀ  as a level the EURUSD started the bullish move to the upside on March 2nd (see chart below). That level was breached as the London traders prepared to go home. The price has since moved back higher and has started to use the level as support once again. For intraday traders I would expect they may look to use the level as a pivot as the Friday comes to a close.

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On the topside, look for a move above 1.3531 to perhaps solicit some additional short covering. The 100 bar MA on the 5 minute chart comes in at the 1.3550 where the 38.2% of the days range is also found. The moving average and retracement would be targets.

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