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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. The price did reach the expected support level of 1.3583 but did not print a suitable hourly candle for a long entry.

Today’s EUR/USD Signal

Risk 0.50%.

Entry should be made between 8am and 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 1.3442. The trade is invalidated once an hourly bar closes below this level.

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 1.3570.

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 1.3583. 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 75% of the position as profit at 1.3515.

EUR/USD Analysis

Last Friday we finally broke through the remaining bullish trend line and the previous support level of 1.3583. We are now firmly established within a bearish channel and as such it would seem that there is going to be more short than long potential. However this pair likes to pull back, so it is usually possible to play it both ways. There is a level of potential support at 1.3442 which right now is confluent with the lower trend line of the bearish channel:

EURUSD Signal 2314

There is no important news due today during the London session for the EUR. Concerning the USD, there is at news at 3pm London time (ISM Manufacturing PMI).

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