EUR/USD – 1.4960 Today?

Posted on 29. Apr, 2011 by in Forex Signals, How To, Random Noise

EUR/USD is still trading around recent highs and further upside seems like a good bet in my opinion. Now keep in mind that it is UK bank holiday today so we are likely to have a low liquidity market so there is a good chance that it will be a very slow day, price action wise. However, looking at the charts, I think EUR/USD is heading for further upside. We do have a bunch of news releases today but not really something which should move the market significantly besides GDP from Canada. Click on the picture below to get a visual idea of the levels I am paying attention to.

We have a key level of support just around the 1.48 level and another strong level at 1.4772. On the upside we have the recent significant swing high at 1.4882 which is likely to bounce the pair back down before a possible continuation to the upside.

Trading Ideas

With a strong bias for further upside, I am pretty much only looking to get in on a long trade on EUR/USD.

At a pullback to the 1.48 level the pair could be setting up nicely for a move to the upside. With an entry around that level I would look to place my stop below the 1.4770 level and look for an initial profit target around the 1.4880 level, which would give us a favorable risk:rewars setup as well. In case this should work out, I would probably look to partial out around the 1.4880 level and let the final half run for possible further upside.

Related posts:

  1. EUR/USD – Rate Cut and NFP Later today
  2. EUR/USD – The Week Ahead
  3. EUR/USD – Potential Upside?
  4. Trading Forex – EUR/USD
  5. Cable – The Week Ahead

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