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Forexpros Daily Analysis - 18/04/2011

Discussion in 'Market Predictions and Reports' started by Forexpros2, Apr 18, 2011.

  1. Forexpros2

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    Oct 12, 2009
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    ForexPros Daily Analysis April 18, 2011

    Free webinar on ForexPros - Forex Fundamentals

    Expert: Curt Wehrley

    Start: Tue, Apr 26, 2011, 10:00 EST
    End: Tue, Apr 26, 2011, 11:00 EST

    A review of the top fundamental news events over the prior month, and a look ahead at the news that could influence the foreign exchange market over the coming weeks.

    Click here to join free


    Technical Overview:
    EUR/USD started the week with a massive selloff, pushing its price toward the significant support at 1.435, which held the bearish momentum for now. On the daily chart - the pair continues to move between the bands of the upward channel. The bulls came, once again, at the lower band of the channel, pushing the pair price a bit up toward 1.438.
    The RSI indicator is no longer at overbought levels.

    On the hourly chart there are many signs for bullish short term reversal.
    The DI+ is on extreme low levels, which in the past resulted in a 200-300 pips move upward. Both RSI and MACD are signaling a completion of the downward short term trend and a reversal up.
    At the current levels we are expecting a reversal up and taking LONG positions.

    Trading Idea:
    Best levels to enter LONG positions are between 1.435 and 1.438. Take profit should be located at around 1.45-1.452. Stop loss should be located at 1.432. In such case, breaking above 1.453, will bring us back to LONG.
    SHORT positions should be taken by breaking below 1.432 with a stop loss at 1.437 and take profit at 1.426.


    Forex Trading analysis written by Dominic Bromley for Forexpros.


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