Update on supports and resistances. ( 12/03/2012 04:39 )
Pivot: 1.3125
Our preference: Short positions below 1.3125 with targets @ 1.307 & 1.3045 in extension.
Alternative scenario: Above 1.3125 look for further upside with 1.316 & 1.3205 as targets.
Comment: as long as 1.3125 is resistance, look for choppy price action with a bearish bias.
Key levels
1.3205
1.316
1.3125
1.3093 last
1.307
1.3045
1.3
TIPS:
Never risk more than 2-3% of the total trading forex account One important difference between a successful and an unsuccessful forex trader in forex Market is that the first is able to survive under unfavorable conditions on the forex market, while an unsuccessful forex trader will blow up his account after 5-10 unprofitable trades in the row.
Even with the same trading system 2 forex traders can get opposite results in the long run. The difference will be again in money management approach. To introduce you to money management, let's get one fact: losing 50% of total account requires making 100% return from the rest of money just to restore the original balance.
NEWS:
The euro traded steady to lower against the dollar on Monday, down but stable after posting heavy losses late last week in wake of Greece's successful restructuring with private creditors, although terms under the deal prompted a key international association to declare the move a credit risk, hence a default.
In Asian trading on Monday, EUR/USD hit 1.3120, down 0.02%, up from a session low of 1.3106 and off from a high of 1.3125.
The pair was likely to find support at 1.3097, Friday’s low, and resistance at 1.3272, Friday's high.
The euro came under pressure on Friday after the International Swaps and Derivatives Association (ISDA) said Greece's recent debt restructuring with private creditors constituted a "credit event."
While most private creditors voluntarily accepted terms of the EUR107 billion restructuring, a few didn't, which prompted Athens to kick in collective action clauses to force holdouts into the deal.
The ISDA's ruling could mean credit-default swaps designed to protect investors against losses on Greek sovereign debt will kick in.
Fitch, meanwhile, cut Greece's rating to "restricted default" over the deal, while Moody's made similar declarations.
Meanwhile the dollar continued to curry favor in global markets after last Friday's strong jobs figures out of the U.S.
The Bureau of Labor Statistics on Friday reported the U.S. economy added a net 227,000 nonfarm payrolls in February, outpacing expectations for a gain of 215,000.
Meanwhile, the government revised January's figures upward to 284,000 from 243,000.
The numbers fueled already growing sentiment that the Federal Reserve will hold off on plans to buy assets from banks, a stimulus measure known as quantitative easing that weakens the dollar in exchange for price stability.
The euro was up against the pound and down against the yen, with EUR/GBP trading up 0.01% at 0.8373 and EUR/JPY down 0.13% at 108.10.
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