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Signal Trader - EUR/USD Daily Outlook, Mar 23, 2011

Discussion in 'Market Predictions and Reports' started by SignalTrader1, Mar 23, 2011.

  1. SignalTrader1

    SignalTrader1 SignalTrader.com Representative

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    Technical Overview:
    The upward momentum, which accelerated by breaking above 1.42, was blocked at the resistance area of 1.425. The pair consolidated at 1.423-1.424 and finally bounced toward 1.415.
    Once again, the 70 level of the daily RSI, which indicates entering overbought levels, was not breakable.
    In the last 3 times such occurred, the pair lost 200-300 pips (we marked these occasions on the Daily chart). Thus - a reasonable short term target may be 1.395-1.40.
    The pair continues to move between the bands of the upward channel.
    Its short term bias is Bearish.
    The downward momentum should face its first main difficulty at 1.404 level.
    The significant resistance area remains between 1.425 and 1.428.

    [​IMG]

    Trading Idea:
    Best levels to enter SHORT positions are anywhere between 1.415 and 1.42. At 1.404 area some profits should be taken.
    Stop loss is at 1.4215. Second target is at the lower band of the channel at 1.398.
    LONG positions should be taken only be breaking above 1.425, with a stop loss at 1.419 or at 1.404-1.405 area, with a stop loss at 1.3985.

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  2. kasim ijelu

    kasim ijelu Private, 1st Class

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    I guess the talks of portuguese Parliament rejecting the government’s austerity plan, hammerped the advancement of the euro sending it even lower against the U.S. dollar. What about ireland wows ?
     
  3. kasim ijelu

    kasim ijelu Private, 1st Class

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    p.s Thank you for the post
     
  4. SignalTrader1

    SignalTrader1 SignalTrader.com Representative

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    Hi Kasim,

    Thanks for your interest and appreciation.
    I'm not sure what you are asking if when you say "What about Ireland wows"?

    Please note my analysis is technical rather than fundamental.

    Thanks Again
    SignalTrader.com
     

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