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Forex pairs in this Article » EUR/USD
By: DailyForex.com

EUR/USD Signal Update

Last Thursday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.50%.

Entry should be made before 5pm London time today only.

Long Trade 1

Enter long with a stop buy order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.3551. The trade is invalidated once an hourly bar closes below 1.3550.

Stop loss at the local swing low.

Move the stop loss to break even when the trade is 25 pips in profit and let it run. Take 75% of the position as profit at 1.3640.

Short Trade 1

Enter short with a stop sell order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of both 1.3642 and the upper trend line of the bearish channel: both must happen with a single H1 candle. The trade is invalidated once an hourly bar closes above 1.3643.

Stop loss at the local swing high.

Move the stop loss to break even when the trade is 25 pips in profit and let it run. Take 50% of the position as profit at 1.3560.

EUR/USD Analysis

The last two days of last week saw a moderately strong upwards move, bringing us back up close to the upper trend line of the bearish channel we are still established within. The durability of the channel makes me look for shorts provided we can get a rejection off both the support/resistance flip at 1.3642 and the upper trend line at exactly the same moment. A breakout above this trend line will be a bullish sign.

Below us, we had resistance at 1.3551 turn into support after the first strong push up on Thursday. If the price will fall back there fairly quickly, we should get a bounce up so I am looking for a long trade there.

We are in an uptrend within a longer-term down trend. However the move up began just a little below a level I expected to be very supportive, so it would not surprise me if we were to break out of this bearish channel.

EURUSD Signal 21014

There is no important news due today for either the EUR or the USD, so it is likely to be a quiet day.

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