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

SignalTrader.com - EUR/USD Daily Outlook, Apr 4, 2011

Discussion in 'Forex Daily News & Outlook' started by SignalTrader, Apr 4, 2011.

  1. SignalTrader

    SignalTrader New Member

    Joined:
    Mar 8, 2011
    Messages:
    26
    Likes Received:
    0
    Technical Overview:
    EUR/USD is starting the trading week on an important price level. On Friday, once again, the bears were defeated by the bulls, which stood at the 1.404-1.406 level and blocked any break down attempt. The trend reversed and the rally was fueled by massive short covering pushing the pair to close near 5-month high.
    This morning during the Asian session, the pair tested the next resistance level at 1.426-1.427 and bounced back.
    Immediate support should be found at the previous resistance level between 1.4205 and 1.422.
    The next support level is the lower band of the channel near 1.4155 level.
    We are positioning ourselves for further rally at these levels.

    [​IMG]

    Trading Idea:
    Best levels to enter LONG positions are between 1.42 and 1.422, with a stop loss at 1.414. Take profit should be placed at 1.43, 1.433 and 1.439.
    Consolidation around 1.421-1.422 will increase the chances to be followed by a significant move up toward 1.433.
    SHORT positions should be taken only be breaking below 1.414 with a stop loss at 1.4205.

    Analysis by SignalTrader.com – the leading solution for
    Automated Trading. Autotrade on Forex, Indices and Commodities.

    RISK WARNING: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.
     
Loading...

Share This Page