- EUR/USD Daily Outlook, Mar 29, 2011 - EUR/USD Daily Outlook, Mar 29, 2011

Postby SignalTrader » Tue Mar 29, 2011 9:16 am

Technical Overview:
As we predicted yesterday, the downward momentum was blocked at the lower band of the channel and EUR/USD rebounded more than 100 pips since yesterday's low. We are still in long positions, which were opened yesterday at 1.404-1.405. Stop loss for these positions are at 1.408. Short term bias is Bullish.
Looking at the Daily chart – the stochastic oscillator indicates that the upward trend has just started to gain momentum and it is in a classic pattern for further gains.
Immediate target is 1.421.


Trading Idea:
Best levels to enter LONG positions are between 1.411 and 1.413, with stop loss at 1.408.
A break above 1.422 will accelerate the Bullish momentum.
SHORT positions should be taken only be breaking below 1.401.

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