Signal Trader - EUR/USD Daily Outlook, Mar 16, 2011

Technical Overview:
EUR/USD continues to move between the bands of the channel. Yesterday, the pair reached our first target of 1.386, exactly at the lower band of the channel and bounced back 150 pips toward the significant resistance area at 1.401.
Half or our short positions was closed at 1.386 and the second at our stop loss of 1.3965.
Our trading bias for today is neutral. We will wait for a break below the lower band of the channel to enter short positions or to a break above the resistance area of 1.401 to enter long positions.

Trading Idea:
Best levels to enter SHORT positions are at 1.385 or at the 1.4000 area with a stop loss at 1.402.
Long positions should be taken should the pair break above 1.401.
In such case, the stop loss will be placed at 1.397.

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.