Forexpros.com Daily Analysis - 26/04/2011

By @ibtimes on

ForexPros Daily Analysis April 26, 2011

Free webinar on ForexPros - Fibonacci... Easy as ABCD

Expert: Andrei Knight

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

Fibonacci need not be difficult!  Learn a simple ABCD pattern, which can easily be used to trade news spikes, long-term positions lasting several months, and just about everything in between.  Join leading fund manager and trading coach Andrei Knight for this exciting instructional webinar which will transform the way you look at charts and help you achieve better trading results.

Mr. Knight is the author of Trading Forex for a Living from Harriman House, as well as FXStreet's forth-coming DVD Fibonacci: Unlocking the Market Code.

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Technical Overview: 
After setting a new 4-month high on last Thursday, EUR/USD price is moving between 1.45 and 1.46. The medium term technical outlook is bullish. The short term technical picture is mixed.
On the Daily chart, the pair successfully returned into the upward channel and the moving averages are still arranged in a bullish structure.
On the Hourly chart the pair is hovering around the blue band, preparing itself for the next move.
We are waiting for either break above 1.464 or a break below 1.449 to enter a position.

Trading Idea: 
LONG positions should be taken by breaking above 1.464, with a take profit at 1.471. Stop loss should be located at around 1.458.
SHORT positions should be taken by breaking below 1.449 with a stop loss at 1.455 and take profit at 1.4395.

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Forex Trading Analysis written by Dominic Bromley for ForexPros. For more information about forex news visit ForexPros.

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