Signal Trader - EUR/USD Daily Outlook, Mar 10, 2011
Technical Overview:
As we predicted yesterday, the short term long at 1.385 with the target of 1.391-1.393 was just accurate. A nice move of between 50 and 60 pips.
This morning, toward the end of the Asian session, the pair broke the crucial support at 1.385. Therefore, we are now looking only for SHORT positions.
Looking at the Daily chart, EUR/USD short term downward momentum has accelerated and the immediate target is 1.378 – the lower band of the equidistant channel.
The second target is at 1.371. We believe that the break of the 1.385 is so significiant that this target is very much achievable in the short term.
Trading Idea:
Best levels to enter SHORT positions are anywhere between 1.382 and 1.385.
First Target is at 1.378, second target is at 1.371.
A break above 1.388 will be a signal to exit short positions. Only a break above 1.394 will be a long signal.
Analysis by Signal Trader – 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.
As we predicted yesterday, the short term long at 1.385 with the target of 1.391-1.393 was just accurate. A nice move of between 50 and 60 pips.
This morning, toward the end of the Asian session, the pair broke the crucial support at 1.385. Therefore, we are now looking only for SHORT positions.
Looking at the Daily chart, EUR/USD short term downward momentum has accelerated and the immediate target is 1.378 – the lower band of the equidistant channel.
The second target is at 1.371. We believe that the break of the 1.385 is so significiant that this target is very much achievable in the short term.
Trading Idea:
Best levels to enter SHORT positions are anywhere between 1.382 and 1.385.
First Target is at 1.378, second target is at 1.371.
A break above 1.388 will be a signal to exit short positions. Only a break above 1.394 will be a long signal.
Analysis by Signal Trader – 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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