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EUR/USD’s Test of Major Support Offers Scalping Opportunity

EUR/USD’s Test of Major Support Offers Scalping Opportunity

2010-03-22 18:29:00
John Rivera, Currency Analyst
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Key Technical Levels

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Euro bears have started to lose conviction with the pair testing the 61.8% Fibo of 1.2444-1.5149 at 1.3481. The golden ratio of the 2009 rally is a monumental technical level and a major catalyst may be required to lead to a break below. The current range of 1.3480-1.3800 continues to lasting ability and is providing traders with solid target levels. Trend line resistance could slow any potential retrace considering prevailing uncertainty which favors a period of consolidation and an ideal scalping environment.

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Quantitative Metrics

The Bollinger band width for the EUR/USD has remained relatively narrow at 311 pips adding to its attractiveness as a scalping target. The current range has decreased variation, reducing risks for high frequency traders. An ATR of 127 pips is one of the highest amongst the most traded pairs.

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