Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: I wrote yesterday that “the .9500 area (50% retracement at .9496 and November high at .9512) is a good place for near term exhaustion to take place. If it does, then the support line that extends off of the February lows probably comes into play later in March.” Today’s decline probably kicks off the beginning of a move back towards .9200/54 (50%-61.8% retracements). Emphasis is on .9200 which is also the October low. Former trendline resistance lines (in blue) may help in identifying the next low as well. .9392 and .9338/50 are interim supports.
FOREXTrading Strategy: Flat (trading in EURUSD)
LEVELS: .9254 .9338 .9392 .9454 .9489 .9512