1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forexpros Daily Analysis - 18/04/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Apr 18, 2011.

  1. forexpros2

    forexpros2 Member

    Oct 20, 2009
    Likes Received:
    ForexPros Daily Analysis April 18, 2011

    Free webinar on ForexPros - Forex Fundamentals

    Expert: Curt Wehrley

    Start: Tue, Apr 26, 2011, 10:00 EST
    End: Tue, Apr 26, 2011, 11:00 EST

    A review of the top fundamental news events over the prior month, and a look ahead at the news that could influence the foreign exchange market over the coming weeks.

    Click here to join free


    Technical Overview:
    EUR/USD started the week with a massive selloff, pushing its price toward the significant support at 1.435, which held the bearish momentum for now. On the daily chart - the pair continues to move between the bands of the upward channel. The bulls came, once again, at the lower band of the channel, pushing the pair price a bit up toward 1.438.
    The RSI indicator is no longer at overbought levels.

    On the hourly chart there are many signs for bullish short term reversal.
    The DI+ is on extreme low levels, which in the past resulted in a 200-300 pips move upward. Both RSI and MACD are signaling a completion of the downward short term trend and a reversal up.
    At the current levels we are expecting a reversal up and taking LONG positions.

    Trading Idea:
    Best levels to enter LONG positions are between 1.435 and 1.438. Take profit should be located at around 1.45-1.452. Stop loss should be located at 1.432. In such case, breaking above 1.453, will bring us back to LONG.
    SHORT positions should be taken by breaking below 1.432 with a stop loss at 1.437 and take profit at 1.426.


    Forex Trading analysis written by Dominic Bromley for Forexpros.


    New on Forexpros, the Forex Volatility Calculator!


    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.

Share This Page