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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 between 8am and 5pm London time today only.

Short Trade 1

  • Enter short at the next bar break of an hourly pin or engulfing bar rejecting and closing below the resistance zone of 1.3715/27. If this zone is not touched and rejected by the same hourly bar, or if an hourly bar closes above 1.3727, the trade is immediately invalidated and should not be taken.

  • Stop loss 1 pip above the local swing high.

  • Move the stop loss to break even when the trade is 30 pips in profit and let the trade ride.

Long Trade 1

  • Enter long with a limit buy order at a touch of 1.3489.

  • Stop loss at 1.3444.

  • Move the stop to break even when the trade is 45 pips in profit and let it run.

EUR/USD Analysis

The pair fell yesterday, establishing support turned into resistance locally at 1.3645. I am not giving this as a signal but it could be possible to scalp short off this level today.

Things could go either way and I see no recent significant developments that invalidate the support at 1.3489 or the resistance at 1.3715/27.

The Asian session has given us some bearish momentum that is likely to follow through for some pips if we get a break of the low soon after London opens this morning.

EURUSD Signal 11614

Later today we will have several key events directly affecting the USD. There is important news due at 1:30pm London time (Core CPI, Unemployment Claims), then again at 3pm (Philly Fed Manufacturing Index). Finally, at 4:10pm, the outgoing Chair of the Federal Reserve Ben Bernanke is speaking. Therefore there will probably be most activity in this pair during the New York session.

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