EUR/USD Choppy On The First Day Of Trading For The Month

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EUR/USD Choppy On The First Day Of Trading For The Month

By Greg Michalowski on April 1, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EUR/USD has gotten off a choppy start to the new month. The high came in as New York arrived at 1.3280. The low for the day came in at 1.3172. The ADP had little impact. On the topside there is intraday resistance at the high at 1.3280. Additional resistance comes in at 1.3318 where the 100 hour MA is located. Yesterdays high came in at 1.3342.

On the downside, intraday support comes in at 1.3218. There was a correction high at the level and 100 bar MA on the below chart at 1.3214 (slope moving higher). This should attract some buyers.

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At 10 AM there is ISM Manufacturing data, Construction Spending and Pending Home sales. Given the fairly muted reaction to the ADP report, the 10AM data will likely be the same. Watch the technical levels for new clues.

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