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.
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.
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.
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.