SignalTrader.com - EUR/USD Daily Outlook, Mar 29, 2011
Technical Overview:
As we predicted yesterday, the downward momentum was blocked at the lower band of the channel and EUR/USD rebounded more than 100 pips since yesterday's low. We are still in long positions, which were opened yesterday at 1.404-1.405. Stop loss for these positions are at 1.408. Short term bias is Bullish.
Looking at the Daily chart – the stochastic oscillator indicates that the upward trend has just started to gain momentum and it is in a classic pattern for further gains.
Immediate target is 1.421.
Trading Idea:
Best levels to enter LONG positions are between 1.411 and 1.413, with stop loss at 1.408.
A break above 1.422 will accelerate the Bullish momentum.
SHORT positions should be taken only be breaking below 1.401.
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.
As we predicted yesterday, the downward momentum was blocked at the lower band of the channel and EUR/USD rebounded more than 100 pips since yesterday's low. We are still in long positions, which were opened yesterday at 1.404-1.405. Stop loss for these positions are at 1.408. Short term bias is Bullish.
Looking at the Daily chart – the stochastic oscillator indicates that the upward trend has just started to gain momentum and it is in a classic pattern for further gains.
Immediate target is 1.421.
Trading Idea:
Best levels to enter LONG positions are between 1.411 and 1.413, with stop loss at 1.408.
A break above 1.422 will accelerate the Bullish momentum.
SHORT positions should be taken only be breaking below 1.401.
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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