- EUR/USD Daily Outlook, Apr 7, 2011 - EUR/USD Daily Outlook, Apr 7, 2011

Postby SignalTrader » Thu Apr 07, 2011 7:56 am

Technical Overview:
EUR/USD rally continued and accelerated yesterday, surpassing our target of 1.431, in which we cleared our long positions. The bears finally succeeded in blocking the rally at 1.435. You can see this battle and victory of the bears clearly on the 30-minute chart (the red band). At the current levels our short term bias is neutral. Ahead of the ECB rate decision, in which the European central bank is expected to announce on its first rate hike for more than 2 years, the pair is hovering around 1.431 (the blue band).
We will return to long positions only should the pair break above 1.436.



Trading Idea:
Best levels to enter LONG positions are by breaking above 1.436. Target in such case should be 1.443 with a stop loss at 1.429.
SHORT positions should be taken by breaking below 1.4275 with a stop loss at 1.4315 and take profit at 1.42.

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