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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 Signals

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 1.3540.

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 50% of the position as profit at 1.3530.

EUR/USD Analysis

Yesterday saw a quick move up to the minor resistance I identified at 1.3540 and a retest of the broken bearish trend line a little above that area, which failed quickly. The pair then printed a very bearish pin bar on the H1 chart which so far has held. However the picture is a little mixed as yesterday closed as a bullish engulfing bar. The indecision is due to the market awaiting key news events occurring later today and tomorrow. Until these news releases, it seems likely that the price is going to range between the 1.3500 area which has recently been supportive, and the minor resistance at 1.3540.

EURUSD Signal 2614

There is likely support below at 1.3442 which is currently not far from the lower trend line of the bearish channel. This level is also very close to today’s GMT S3 pivot point. Above us there is minor resistance at 1.3540, and more major resistance at the level of 1.3583, which is likely to have changed from support into resistance.

There is important news due today during the London session for the EUR at 12:45pm London time (ECB announces the minimum bid rate) and then at 1:30pm there is an ECB press conference. Concerning the USD, there is the Trade Balance and Unemployment Claims at 1:30pm. This means the morning should be quiet but the afternoon lively, although the market is really waiting more to hear Friday’s news, so today may well not see a breakout of the 1.3480 to 1.3540 range.

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