Signal Trader - EUR/USD Daily Outlook, Mar 10,2011

Signal Trader - EUR/USD Daily Outlook, Mar 10,2011

Postby SignalTrader » Thu Mar 10, 2011 9:23 am

Technical Overview:
As we predicted yesterday, the short term long at 1.385 with the target of 1.391-1.393 was just accurate. A nice move of between 50 and 60 pips.
This morning, toward the end of the Asian session, the pair broke the crucial support at 1.385. Therefore, we are now looking only for SHORT positions.
Looking at the Daily chart, EUR/USD short term downward momentum has accelerated and the immediate target is 1.378 – the lower band of the equidistant channel.
The second target is at 1.371. We believe that the break of the 1.385 is so significiant that this target is very much achievable in the short term.

Trading Idea:
Best levels to enter SHORT positions are anywhere between 1.382 and 1.385.
First Target is at 1.378, second target is at 1.371.
A break above 1.388 will be a signal to exit short positions. Only a break above 1.394 will be a long signal.

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