Forex Signals - EUR/USD Bullish Channel Holds

By IBTimes Staff Reporter | July 14 2010 1:03 AM

I took a single lot short at 2730 as it hit the top of the channel which I later closed for a small profit after the pair failed to make any downward progress and began to form a pennant pattern after the long flag pole up.

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Daily Outlook: Pair is still at the top of its bullish channel - which has held steady for a few weeks now. The pair still has room to run though, with a short-term target of 1.2780 and a possible longer extension to 1.31 before it makes another stab downward. Good amount of news coming out tomorrow so make sure to check the forex calendar, and always keep an eye on candlestick alerts for intraday trading opps.

Trading Idea: Primary trade is a long near a dip to 1.2615 support area, with targets at 1.2640, 1.2670, 1.2700 and 1.2730 for 115 pips profit. On a sustained break above 1.2750 look for 1.2780, 1.2810 and 1.2840 for 90 pips.

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Source: Forex Signals - EUR/USD Bullish Channel Holds Forex signals from: PipHut.com