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Forexpros Daily Analysis - 26/04/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Apr 26, 2011.

  1. forexpros2

    forexpros2 Member

    Oct 20, 2009
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    ForexPros Daily Analysis April 26, 2011

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    Technical Overview:
    After setting a new 4-month high on last Thursday, EUR/USD price is moving between 1.45 and 1.46. The medium term technical outlook is bullish. The short term technical picture is mixed.
    On the Daily chart, the pair successfully returned into the upward channel and the moving averages are still arranged in a bullish structure.
    On the Hourly chart the pair is hovering around the blue band, preparing itself for the next move.
    We are waiting for either break above 1.464 or a break below 1.449 to enter a position.

    Trading Idea:
    LONG positions should be taken by breaking above 1.464, with a take profit at 1.471. Stop loss should be located at around 1.458.
    SHORT positions should be taken by breaking below 1.449 with a stop loss at 1.455 and take profit at 1.4395.


    Forex Trading analysis written by Dominic Bromley for Forexpros.


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