Intraday trading analysis (tips) for EUR/USD 3 May 2011, we recommend, Enter long position in (Buy) EUR/USD above 1.4835 for target of 1.4875 and 1.4895 also place protective stop loss below 1.4815.
Reason to trade long: The EUR/USD pair has been consolidating now in 1.4800 – 1.4875 range we are expecting positive breakout above the 1.4875 level for target towards 1.49 level. Giving solid trading opportunity in this strong uptrend. We will suggest traders to enter long positions only. If we look at technical indicators, RSI is showing mixed to bullish intraday trend and suggest for long positions only as seen 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.