Wednesday, March 22, 2006

Forex Trade - 03/22/06

3:45 pm EST- No Trades

With the lack of economic reports today it was no surprise that the Euro stayed in it's range and didn't give us any trades. You can see from the chart that there were clearly no breakouts or signals. Hopefully we'll get a little more action the rest of the week. Cheers! ~ Big Pippin

Results: +0 pips

8:00 am EST- Morning Analysis

Good Morning! It looks like to only US economic report coming out today is the EIA Crude Oil Inventories. It is the weekly report of how much oil is held in inventory by US firms. It has a low volatiliy ranking at Forex Factory, so it may not have an affect on EURUSD, but keep an eye out what happens with USDCAD. Historically, the loonie has had some correlation with oil prices. The EURUSD made a range of 47 pips last night. Since there are no forseen market moving factors, I would look for support and resistance at the EU highs and lows, but keep on your toes for any breakouts or alba signals. The dollar looks to be range bound while traders wait to see what the Fed does next. Good luck and good trading! ~Pipcrawler

EU Session High: 1.2101
EU Session Low: 1.2063

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