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SignalTrader.com - EUR/USD Daily Technical Outlook - Apr 26, 2011

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

  1. SignalTrader

    SignalTrader New Member

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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.

    [​IMG]

    [​IMG]

    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.

    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.
     
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