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ForexPros Daily Analysis March 22, 2011
Free webinar on ForexPros and FuturesPros - Using Pivot Levels In Your Forex Trading
Expert: Marc Principato
Start: Wed, Mar 23, 2011, 10:00 ET
End: Wed, Mar 23, 2011, 11:00 ET
Pivot levels are price points where we can anticipate a change in price behavior. Since the rest of the trading world observes and reacts to them, they can provide useful information for your trading no matter what time-frame. In this webinar, we will explain how we use pivots in our analysis and how they apply to actual trading strategies.
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Euro reached new highs in recent trade, reaching levels close to 1.4250 Fibonacci resistance region where gains may slow down, since we are looking for a top of a fifth wave within an extended wave (iii). We know that after every five waves correction follows, which in our case would be only a wave (iv) pull-back before uptrend resumes. Once wave (iv) “corrective personality” is recognized the Long trading opportunity will be on the table against the 1.4050 critical support region.
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Forex Trading Analysis written by Gregor Horvat for ForexPros. For more information about forex news visit ForexPros.
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
