Signal Trader - EUR/USD Daily Outlook, Mar 15, 2011

Signal Trader - EUR/USD Daily Outlook, Mar 15, 2011

Postby SignalTrader » Tue Mar 15, 2011 7:14 am

Technical Overview:
Very volatile morning for the EUR/USD after Japan’s Nikkei tumbled and increased uncertainty and volatility of all financial markets.
Our SHORT positions from yesterday are still alive.
EUR/USD almost reached our stop loss at 1.401, but failed to do so, which resulted in a 100 pips downward move.
Therefore, our first target of 1.39 was reached.
Our trading bias is still SHORT and we believe the downward momentum will accelerate later on this week.

Trading Idea:
Best levels to increase SHORT positions are anywhere between 1.391 and 1.394.
First target is the lower band of the channel at 1.386
Second target is around 1.371
We are moving our stop loss higher and place it at 1.3965. Long signal will be only by breaking above 1.401.

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