empty
 
 
11.05.2011 10:48 AM
EUR/USD Daily Outlook For May 11st / 2011

This image is no longer relevant

DAILY  OUTLOOK : 

It seems the EUR/USD will enter a sideways situation, this is indicated by the following facts :

(1) 5 Days periode Simple Moving Avarage (Red) is now in the middle of two other Moving Avarage (between the 20 Days -Blue and the 60 Days - Green).

(2) The May 9th / 2011 Daily Bar formed as the "Measuring Bar" for the next day bar including this day.

If until next Friday the EUR/USD closing price at the Daily charts is still between the range of those "Measuring Bars" (between 1.4254 to the 1.4441 levels) it will cause this pair to enter the Sideways situation. For today this pair is likely to test the support target at 1.4350, on the other hand, if the pair can break out the opening level at 1.4404; it will make the pair test the 3 days high level at 1.4441; however the downside momentum seems stronger, this is indicated by  by MACD  in the "Positive Sell" area (red: death cross below the 0 level).

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback