Signal Trader - EUR/USD Daily Outlook, Mar 16, 2011

Signal Trader - EUR/USD Daily Outlook, Mar 16, 2011

Postby SignalTrader » Wed Mar 16, 2011 6:43 am

Technical Overview:
EUR/USD continues to move between the bands of the channel. Yesterday, the pair reached our first target of 1.386, exactly at the lower band of the channel and bounced back 150 pips toward the significant resistance area at 1.401.
Half or our short positions was closed at 1.386 and the second at our stop loss of 1.3965.
Our trading bias for today is neutral. We will wait for a break below the lower band of the channel to enter short positions or to a break above the resistance area of 1.401 to enter long positions.

Trading Idea:
Best levels to enter SHORT positions are at 1.385 or at the 1.4000 area with a stop loss at 1.402.
Long positions should be taken should the pair break above 1.401.
In such case, the stop loss will be placed at 1.397.

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