20.04.201113:02 Forex Analysis & Reviews: EUR/USD candlestick analysis for April 20, 2011

Long-term review

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EUR/USD pair is trading up with a target to test the resistance level 1.4520 after a rollback.
It is still trading in an uptrend after it has successfully broken the 1.4278 resistance level. As mentioned before, a break of this level will target the pair to 1.4577.
Earlier in the intraday chart EUR/USD shaped a Bullish Engulfing candlestick combination which is an explicit signal to growth.
Such a candlestick combination points to the growth of the pair for several weeks. However, there was a rollback registered at the 1.4035 level which was a good opportunity to start buying.
Further upside movement is supported by the fact that the uptrend remains.
The break of 1.4035 resistance level proves this viewpoint. Now we should expect upside movement to the resistance level 1.4278.
It is worth mentioning that stop loss orders should be placed slightly below 1.4100 as a break of this level will denote that the uptrend is broken.

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