SignalTrader.com - EUR/USD Daily Outlook, Apr 11, 2011

Technical Overview:
EUR/USD technical analysis picture is mixed. After a huge rally last week, the pair is hovering around 1.445. Looking at the Daily chart we can see that the pair's price is still moving between the bands of the upward channel. Yet, the RSI indicates overbought levels. Looking at the 30-minute chart, the picture is bullish. The pair rally was blocked at the top red band, and now it is consolidating around the middle blue band. In addition, MACD is signaling an opportunity for regaining bullish momentum.
At the current levels we are looking for LONG positions.

http://www.inaloft.com/forum_img/eng11042011a.jpg

http://www.inaloft.com/forum_img/eng11042011b.jpg

Trading Idea:
Best levels to enter LONG positions are between 1.444 and 1.445. Target is at the top red band at around 1.455. Stop loss is at 1.44.
SHORT positions should be taken by breaking below 1.44 with a stop loss at 1.443 and take profit at 1.432-1.434.

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