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SignalTrader.com - EUR/USD Daily Technical Outlook - Apr 28, 2011
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SignalTrader.com - EUR/USD Daily Technical Outlook - Apr 28, 2011
Technical Overview:
EUR/USD set a fresh 5-month high earlier today after the historical press conference of the FOMC yesterday.
From the fundamental point of view we think that the weakness of the USD is about to end. From the technical point of view we can see that the pair is way overbought.
On the Daily chart, the pair successfully reached the top band of the upward channel at 1.4883 before retreating 40 pips to its current level.
On the Hourly chart the pair reached the top band, which signals the end of the current short term bullish trend.
RSI is signaling a reversal.
At the current levels we are looking for a downward correction.
These SHORT positions will be for a longer term than usual and with a wider take profit.
[You must be registered and logged in to see this image.]
Trading Idea:
SHORT positions can be taken anywhere between 1.483 and 1.488.
Take profit is between 1.466 and 1.47. Stop loss is at 1.494.
At the moment we are not looking for LONG positions at all.
Analysis by SignalTrader.com – the leading solution for [You must be registered and logged in to see this link.]. 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.
EUR/USD set a fresh 5-month high earlier today after the historical press conference of the FOMC yesterday.
From the fundamental point of view we think that the weakness of the USD is about to end. From the technical point of view we can see that the pair is way overbought.
On the Daily chart, the pair successfully reached the top band of the upward channel at 1.4883 before retreating 40 pips to its current level.
On the Hourly chart the pair reached the top band, which signals the end of the current short term bullish trend.
RSI is signaling a reversal.
At the current levels we are looking for a downward correction.
These SHORT positions will be for a longer term than usual and with a wider take profit.
[You must be registered and logged in to see this image.]
Trading Idea:
SHORT positions can be taken anywhere between 1.483 and 1.488.
Take profit is between 1.466 and 1.47. Stop loss is at 1.494.
At the moment we are not looking for LONG positions at all.
Analysis by SignalTrader.com – the leading solution for [You must be registered and logged in to see this link.]. 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.
SignalTrader-
Number of posts : 27
Location : Cyprus
Reputation : 1
Points : 81
Registration date : 2011-03-09
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