SignalTrader.com - EUR/USD Daily Outlook, Apr 13, 2011
Technical Overview:
Our trading idea from yesterday was accurate and provided the ones who followed it with more than 100 pips.
The technical picture for today is mixed. On the daily chart the pair continues to move between the bands of the upward channel. Some technical indicators are at overbought levels.
Yet, on the 30-minute chart we recognize a good opportunity for a significant short term rally.
The middle blue band becomes a major support after successfully blocking the 3 latest bearish attempts.
In addition, the MACD is signaling an opportunity for a strong move up.
Therefore, we are positioning ourselves for an additional rally at these levels.
http://www.inaloft.com/forum_img/eng13042011a.jpg
http://www.inaloft.com/forum_img/eng13042011b.jpg
Trading Idea:
Best levels to enter LONG positions are between 1.446 and 1.448. Target is at the top red band at around 1.457. Stop loss is at 1.443.
SHORT positions should be taken by breaking below 1.438 with a stop loss at 1.444 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.
