Forex signals - intraday strategy on EUR / USD 27/05/09
Pair EUR / USD traded within a narrow price range for the time schedule. It shows that the rate of EUR / USD traded below the moving average with a period of 55 hours on the schedule (the level of 1.3995), which has reduced prices in the short term.
I recommend to open long positions after a puncture on the basis of hours of resistance at 1.3995, with the aim of improving the resistance at 1.4043. Stoploss if this strategy can be placed at the level of 1.3953.
I recommend to open short positions in the breakdown of support at 1.3943 on the basis of hours, with the aim of reducing the support level at 1.3901 in the case of a puncture to 1.3864. Stoploss if this strategy can be placed at the level of 1.3996.
Given that the moving average and the location of boundaries of the technical pieces as time goes, you need to schedule time to adjust their status. I also recommend that the open positions on the basis of hours, to avoid false breakthroughs.
In the case of heavy traffic, with breakthrough technology figures, I recommend to wait for correction. That level, which was resistance to become strong support and it was near this level should be open attitude towards the puncture.
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