11:35 GMT (Global-View.com) March 2 - Another cloudy day for the EURUSD as it continues to show little bounce since the LTRO results were announced on Wednesday, pressure coming out of its crosses. This has seen it move back below the 100 day mva (1,3294) and briefly below the 20 day mva (1.3248) on a reversion to mean move. Watch the closes vs. these levels. Just below there is 1.3230 = 50% of 1.2973 - 1.3486, also a minor Feb 23 low. 1.3169 = 61.8% The bottom of the short-term upchannel is at 1.3123.
Jay Meisler's Daily Forex WeatherMap
March 2, 2012 EURUSD (Current rate: 1.3250, O/N Range 1.3332 -1.3240)
Outlook: Watch 1.3250 today as this level will set the intra-day bias while within 1.32-1.33. The debate will be whether this is a correction or the start of a fresh move down as fundamentals take over. So watch the retracements for the last leg up from 1.2973-1.3486.
Range:
Resistance:
1.3335
1.3300
1.3280
1.3230-40 (1.3230 = 50%)
1.3200
1.3169 (61.8%)
Support:
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