ForexPros Daily Analysis April 26, 2011
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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.
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.
Forex Trading Analysis written by Dominic Bromley for ForexPros. For more information about forex news visit ForexPros.
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