Technical Overview: As we predicted, yesterday provided a great long opportunity on EUR/USD. Our levels to enter long positions were accurate and provided us with more than 100 pips for each position. The trend remains bullish. We are clearing part of the position at the current level of 1.4185, as it is very close to our first target of 1.42-1421. The stop loss for the remaining positions was moved up to 1.4115. Looking at the Daily chart, the pair continues to move between the bands of the upward channel. The CCI hovering around 0 yesterday was indeed a bullish sign. The stochastic oscillator continues to be bullish.
Trading Idea: Best levels to enter LONG positions are by breaking above 1.422 with a stop loss at 1.415. First target in such case will be at 1.426 and longer term target at 1.44. In addition, consolidation at around 1.412-1.414 might indicate another bullish move. In such case – the stop loss should be placed at 1.404. SHORT positions should be taken only be breaking below 1.404 with a stop loss at 1.41.
Analysis by Signal Trader.com – the leading solution forAutomated Trading. Autotrade on Forex, Indices and Commodities.
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