Intraday trading analysis (tips) for EUR/USD 14 March 2011, we recommend, Enter long (buy) EUR/USD) above 1.3945 for target of 1.3995 and 1.4025 also place protective stop loss below 1.3925.
Reason to go Long: The pair finally took its support at 38.2 % retracement level and is bouncing from that level towards the (1.3995). Also EURO has strongly accumulated upward momentum and is firmly trading above its resistance level targeting next resistance. RSI confirms the up move and is in favor of the trade on 4 hour chart. So we can see further strengthening in this pair, so the up-trend must continue and trading in the direction of the trend we recommend to trade long (buy) on this pair.