SignalTrader.com - EUR/USD Daily Technical Outlook, Apr 14, 2011
Technical Overview:
The technical picture of EUR/USD for today is mixed. On the very short term it is still looking bullish but there are more and more signs that suggest a correction toward 1.43-1.435 before deciding whether the rally will continue or not.
On the daily chart - the pair continues to move between the bands of the upward channel. Some major technical indicators are at overbought levels.
Both CCI and Stochastic indicators are already signaling a short term bearish reversal.
On the 30-minute chart the overall trend remains bullish.
Yet, the pair is facing a major immediate resistance at 1.45-1.452, the red band and the RSI 70 level. The ADX and the MACD are bullish.
At the current levels we remain outside of the market and waiting for either a reversal down or to a break above 1.453 level.
Trading Idea:
Best levels to enter LONG positions are by breaking above 1.453. Target in such case would be 1.459-1.461 with a stop loss at 1.448.
Another opportunity for long might be at around 1.445-1.446 (the blue band), with a take profit at 1.451-1.452 and a stop loss at 1.438.
SHORT positions should be taken by breaking below 1.438 with a stop loss at 1.445 and take profit at 1.426.
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.
The technical picture of EUR/USD for today is mixed. On the very short term it is still looking bullish but there are more and more signs that suggest a correction toward 1.43-1.435 before deciding whether the rally will continue or not.
On the daily chart - the pair continues to move between the bands of the upward channel. Some major technical indicators are at overbought levels.
Both CCI and Stochastic indicators are already signaling a short term bearish reversal.
On the 30-minute chart the overall trend remains bullish.
Yet, the pair is facing a major immediate resistance at 1.45-1.452, the red band and the RSI 70 level. The ADX and the MACD are bullish.
At the current levels we remain outside of the market and waiting for either a reversal down or to a break above 1.453 level.
Trading Idea:
Best levels to enter LONG positions are by breaking above 1.453. Target in such case would be 1.459-1.461 with a stop loss at 1.448.
Another opportunity for long might be at around 1.445-1.446 (the blue band), with a take profit at 1.451-1.452 and a stop loss at 1.438.
SHORT positions should be taken by breaking below 1.438 with a stop loss at 1.445 and take profit at 1.426.
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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