Forexpros.com Daily Analysis - 22/03/2011

By @ibtimes on

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.

Click here to join free

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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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