Forex Weathermap - EURUSD

11:35 GMT March 8 – The clouds have lifted over the EURUSD and sun is trying to break through as the risk mood swings positive (note stocks, jpy crosses). Price action suggests market is anticipating the Greek debt swap to go through and seems more relief that the can will be kicked than enthusiasm over a PSI deal that will need the CAC (Collective Action Clause) to be activated to get it done. To suggest more legs to this correction, 1.3250 would need to be firmly taken out. 1.3240 = this week's high, 1.3244 = 38.2% of 1.3486-1.3095. 1.3291 = 61.8%
Jay Meisler's Daily Forex WeatherMap
March 8, 2012 EURUSD (Current rate: 1.3223, O/N Range 1.3135-1.3232)
Outlook: Bias shifting after moving back above broken channel support (1.3174) and 1.3200. The latter is most important in eetting the tone and expect a BOD (Bid on Dips) while above yesterday's 1.3163 high, stronger if it maintains 1.32+. On the other side, upside is contained unless 1.3240-50 is firmly taken out.
Range:
Resistance:
1.3332-37-
1.3291
1.3240-50
1.3174
1.3163
1.3135