Technical Overview:
As we predicted, yesterday provided a great long opportunity on EUR/USD. Our levels to enter long positions were accurate and provided us with more than 100 pips for each position. The trend remains bullish. We are clearing part of the position at the current level of 1.4185, as it is very close to our first target of 1.42-1421. The stop loss for the remaining positions was moved up to 1.4115.
Looking at the Daily chart, the pair continues to move between the bands of the upward channel. The CCI hovering around 0 yesterday was indeed a bullish sign.
The stochastic oscillator continues to be bullish.
Trading Idea:
Best levels to enter LONG positions are by breaking above 1.422 with a stop loss at 1.415. First target in such case will be at 1.426 and longer term target at 1.44.
In addition, consolidation at around 1.412-1.414 might indicate another bullish move. In such case – the stop loss should be placed at 1.404.
SHORT positions should be taken only be breaking below 1.404 with a stop loss at 1.41.
Analysis by Signal Trader.com – the leading solution for Automated Trading. Autotrade on Forex, Indices and Commodities.
RISK WARNING: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.[/color]
As we predicted, yesterday provided a great long opportunity on EUR/USD. Our levels to enter long positions were accurate and provided us with more than 100 pips for each position. The trend remains bullish. We are clearing part of the position at the current level of 1.4185, as it is very close to our first target of 1.42-1421. The stop loss for the remaining positions was moved up to 1.4115.
Looking at the Daily chart, the pair continues to move between the bands of the upward channel. The CCI hovering around 0 yesterday was indeed a bullish sign.
The stochastic oscillator continues to be bullish.
Trading Idea:
Best levels to enter LONG positions are by breaking above 1.422 with a stop loss at 1.415. First target in such case will be at 1.426 and longer term target at 1.44.
In addition, consolidation at around 1.412-1.414 might indicate another bullish move. In such case – the stop loss should be placed at 1.404.
SHORT positions should be taken only be breaking below 1.404 with a stop loss at 1.41.
Analysis by Signal Trader.com – the leading solution for Automated Trading. Autotrade on Forex, Indices and Commodities.
RISK WARNING: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.[/color]