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Jamie's Pick: 03/20/12

Jamie's Pick: 03/20/12

Jamie Saettele, CMT, Sr. Technical Strategist

“Focus for the month remains 8550, which is defined by the 2011 high and confluence of Fibonacci extensions (100% extension of 7602-8162 / 8001 and 261.8% extension of 8001-8187 / 8058). Bulls are favored against the 3/13 low of 8195. In fact, a small correction may be complete from the 3/15 high.” Move risk on longs to 8300.

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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