Technical Overview:
After failed in breaking above the resistance of 1.426, EUR/USD is consolidating around 1.4175, its current critical support level. Looking at the daily chart, the lower band of the upward channel, which supported the bullish trend in the past 2 months, is at 1.4165.
In addition, looking at the 30-minute chart, we can clearly see that the pair is hovering around a major support. Its short term resistance is at around 1.421.
We are still bullish on EUR/USD and holding our long positions. First short sign will be a break below 1.416. More significant sign will be a break below 1.4135, where we are placing our stop loss.
Trading Idea:
Best levels to enter LONG positions are between 1.417 and 1.419, with a stop loss at 1.4135. Take profit should be placed at 1.421, 1.426 and 1.4305.
SHORT positions should be taken only be breaking below 1.414 with a first target of 1.406 and stop loss at 1.4205.
Analysis by SignalTrader.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.
After failed in breaking above the resistance of 1.426, EUR/USD is consolidating around 1.4175, its current critical support level. Looking at the daily chart, the lower band of the upward channel, which supported the bullish trend in the past 2 months, is at 1.4165.
In addition, looking at the 30-minute chart, we can clearly see that the pair is hovering around a major support. Its short term resistance is at around 1.421.
We are still bullish on EUR/USD and holding our long positions. First short sign will be a break below 1.416. More significant sign will be a break below 1.4135, where we are placing our stop loss.
Trading Idea:
Best levels to enter LONG positions are between 1.417 and 1.419, with a stop loss at 1.4135. Take profit should be placed at 1.421, 1.426 and 1.4305.
SHORT positions should be taken only be breaking below 1.414 with a first target of 1.406 and stop loss at 1.4205.
Analysis by SignalTrader.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.