SignalTrader.com - EUR/USD Daily Outlook, Apr 5, 2011

Technical Overview:
After failed in breaking above the resistance of 1.426, EUR/USD is consolidating around 1.4175, its current critical support level. Looking at the daily chart, the lower band of the upward channel, which supported the bullish trend in the past 2 months, is at 1.4165.
In addition, looking at the 30-minute chart, we can clearly see that the pair is hovering around a major support. Its short term resistance is at around 1.421.
We are still bullish on EUR/USD and holding our long positions. First short sign will be a break below 1.416. More significant sign will be a break below 1.4135, where we are placing our stop loss.

http://www.inaloft.com/forum_img/eng05042011a.jpg

http://www.inaloft.com/forum_img/eng05042011b.jpg

Trading Idea:
Best levels to enter LONG positions are between 1.417 and 1.419, with a stop loss at 1.4135. Take profit should be placed at 1.421, 1.426 and 1.4305.
SHORT positions should be taken only be breaking below 1.414 with a first target of 1.406 and stop loss at 1.4205.

Analysis by SignalTrader.com – the leading solution for Automated Trading. Autotrade on Forex, Indices and Commodities.

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