Signal Trader - EUR/USD Daily Outlook, Mar 17, 2011

Technical Overview:
EUR/USD continues to move between the bands of the channel. For the third consecutive day, the lower band, which rises each day by approximately 15 pips, supports and holds any break down attempt. As for today the lower band of the channel is at 1.389.
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 between 1.387 and 1.388. Long positions should be taken should the pair break above 1.401. In such case, the stop loss will be placed at 1.397.

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