Friday, 22 April 2011

EUR/USD - Bullish Continuation.

On 1H time frame or less our forecasted level of 1.4261 held very well and the price bounced more than 90 pips. In a longer time frame this move proved to be only a noise. Although the day closed below our key level of 1.4261 the price did not manage to sustain below it and was pushed higher the next day.

Since the price managed to close and sustain above 1.4518 we have a strong reason to expect bullish continuation.  The new forecasted resistance levels are as follow: 1.4649, 1.4797, 1.4981 and finally 1.5278. For trading purposes I will be looking to establish a long position on the break of 1.4649 with a stop loss at 1.4510

Tomasz Gdynia

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