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.
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.
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