SignalTrader.com - EUR/USD Daily Technical Outlook - Apr 26, 2011

Technical Overview:
After setting a new 4-month high on last Thursday, EUR/USD price is moving between 1.45 and 1.46.
The medium term technical outlook is bullish. The short term technical picture is mixed.

On the Daily chart, the pair successfully returned into the upward channel and the moving averages are still arranged in a bullish structure.

On the Hourly chart the pair is hovering around the blue band, preparing itself for the next move.
We are waiting for either break above 1.464 or a break below 1.449 to enter a position.

http://www.inaloft.com/forum_img/eng26042011a.jpg

http://www.inaloft.com/forum_img/eng26042011b.jpg

Trading Idea:
LONG positions should be taken by breaking above 1.464, with a take profit at 1.471. Stop loss should be located at around 1.458.
SHORT positions should be taken by breaking below 1.449 with a stop loss at 1.455 and take profit at 1.4395.

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

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