Intraday trading analysis (tips) for EUR/USD 29 April 2011, we recommend, Enter long position in (Buy) EUR/USD above 1.4825 for target of 1.4865 and 1.4895 also place protective stop loss below 1.4805.
Reason to trade long: The EURUSD pair has broke above the 1.4815 level and is now heading towards 1.49 level. Giving solid trading opportunity in this strong uptrend. Also weak US GDP data that was declared yesterday is also supporting the strength in EURO. If we look at technical indicators, RSI is gaining momentum and suggest for strong trend on 4 hour chart. So we can see further strengthening in this pair, the up-trend must continue and trading in the direction of the trend we recommend to trade long (buy) on this pair. I will be looking for buying opportunity as long as the pair remains above 1.4805 level on 4 Hour chart.