EUR-USD
Daily time frame
Time: 01:00 Rate: 1.4330
Strategy: long
In yesterday’s daily market review it was mentioned that the price broke out the level of 1.43 the uptrend will continue. Indeed the price broke out this resistance level with an impressive length of the candlestick. We believe that a further increase up to the level of 1.4475, with a possibility for inter daily retracement to approximately 1.43 level.
As can be seen by the graph bellow:
4 hour time frame
It can be seen an increase price structure, while each high that breaks out by the price was then served as a support level, and brought additional upward movement. Even now while the last high level 1.4250 broke out most likely that we will see an additional upward movement.
Potential Trade
Long
Enter: 1.4370
Stop: 1.4240
Target: 1.4475
As can be seen by the graph bellow:
GBP-USD
Daily time frame
Time: 01.00 Rate: 1.6327
Strategy: long
As was written in the daily market review yesterday, indeed the price continued in an upward position and got to the resistance level of 1.6345. The break out of the price at this level, and most probably will continue until the upper side of the parallel asymmetric triangle (increased red slope line connecting between the last highs).
As can be seen by the graph bellow:
4 hour time frame
After the break out of the upper level of the range 1.6200, the formation of the upward movement, one may see that the price stopped at the level of 1.6360. The new break out of the price by this level will bring in the first step to the target range, and in the second step the depth of the current retracement upward.
Potential Trade
Long
Enter: 1.6365
Stop:1.6255
First target: 1.64
Second target: 1.6470
As can be seen by the graph bellow:
Important News for the 07.04.2011
Time 14:00 GBP – official bank rate
Time: 14:45 EUR- Minimum bid rate
Time: 15:30 CAD- Building permits m/m
Time 15:30 EUR – ECB Press conference
Time 15:30 USD- Unemployment claims
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