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

EUR/USD Signal Update



Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signal

Risk 0.50%.

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

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 1.3830. The trade is invalidated once an hourly bar closes above this level.

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 1.3780.

EUR/USD Analysis

As I mentioned yesterday, we are within a long-term bullish uptrend and have recently broken out of a bearish channel, suggesting an upwards move but without much weight behind it. This is what happened yesterday with the London open looking bullish but the real movement upwards not occurring until New York came on line.

We managed to break through the resistance I had identified at 1.3738 quite easily, so I do not see that as likely to now flip to support. However there is a strong resistance level above us at 1.3830 which should be a good level at which to look for a short. It is very confluent with today’s GMT R3 daily pivot point.

There is no really strong support level below us before 1.3551. However I suspect that 1.3700 or a few pips above that level would see support if the price falls down there quickly today after London opens. At the time of writing, the price action suggests there will be some kind of down move during at least the first part of the London session. Christopher Lewis also thinks there is a good chance of a downwards move, but not a strong one.

EURUSD Signal 21914

There is no important news due today for the EUR. Concerning the USD, at 1:30pm London time there is data regarding Building Permits and PPI, followed by the FOMC minutes at 9pm. Therefore things are likely to be quiet until New York opens and even then we may not get a real move until the FOMC minutes come out this evening.

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