By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired. Although the price did touch 1.3643, there was no sufficiently bullish price action to justify an entry before the London close.

Today’s EUR/USD Signals

An entry may only be made between 2pm and 5pm London time today.

Short Trade 1

Short entry following bearish price action on the H1 time frame after the first touch of 1.3748.

Put a stop loss 1 pip above the local swing high.

Adjust the stop loss to break even when the price reaches 1.3705.

Take off 75% of the position as profit at 1.3705 and leave the remainder of the position to run.

EUR/USD Analysis

Yesterday saw a fairly gentle falling off which continued with the news release early during the New York session. Some support was found as we fell to touch the bullish trend line I talked about yesterday at around 1.3643, but the support was not strong and we have now fallen below that trend line quite weakly, so it will probably now become irrelevant.

The US Non-Farm Payroll data will be released today one day earlier than usual due to the public holiday in the USA tomorrow. It would be foolish to enter any trades before that news release.

Unfortunately there are no obvious good support levels below us above 1.3500, so I am restricted to hoping the news releases will push the price up to 1.3748 and hope for a reversal there confirmed by price action.

EURUSD 7314

There are very high-impact data releases scheduled for today concerning both the EUR and the USD. At 12:45pm London time the EUR Minimum Bid Rate will be announced, followed by the US Non-Farm Employment Change, Unemployment Rate, Unemployment Claims, and Trade Balance data at 1pm. Then at 3pm there will be the US ISM Non-Manufacturing PMI. It is likely that from the time of the US data releases, the pair will be extremely volatile.

Related Articles
  1. Credit & Loans

    What SoFi's Super Bowl Ad Means for Your Next Loan

    Non-bank lender SoFi will air its first TV ad during Super Bowl 50. Here's how it's challenging big banks by providing an alternative approach to loans.
  2. Economics

    India: Why it Might Pay to Be Bullish Right Now

    Many investors are bullish on India for all the right reasons. Does it present an investing opportunity?
  3. Personal Finance

    What it Takes to Get a Green Card

    Grounds for getting a green card include having family members in the U.S., being a certain type of refugee or specialized worker, or winning a lottery.
  4. Fundamental Analysis

    The 3 Best Investments When Bull Markets Slow Down

    Find out why no bull market lasts forever, and why investors should shift their assets away from growth and toward dividends when stocks slow down.
  5. Investing

    Retirees: 7 Lessons from 2008 for the Next Crisis

    When the last big market crisis hit, many retirees ran to the sidelines. Next time, there are better ways to manage your portfolio.
  6. Fundamental Analysis

    3 Long-Term Investing Strategies With Strong Track Records

    Learn why discipline and a statistically valid investment strategy can help an investor limit losses and beat the market over the long term.
  7. Products and Investments

    There's a Reason They're Called Junk Bonds

    The closing of Third Avenue Managemet's Focused Credit Fund is a warning to investors and advisors. Beware the junk.
  8. Mutual Funds & ETFs

    Top 3 PIMCO Funds for Retirement Diversification in 2016

    Explore analyses of the top three PIMCO funds for 2016 and learn how these funds can be used to create a diversified retirement portfolio.
  9. Mutual Funds & ETFs

    The 3 Best Downside Protection Equity Mutual Funds

    Learn how it is possible to profit in a bear market by owning the correct selection of mutual funds that provide downside protection and opportunity.
  10. Economics

    The 2007-08 Financial Crisis In Review

    Subprime lenders began filing for bankruptcy in 2007 -- more than 25 during February and March, alone.
RELATED FAQS
  1. What is arbitrage?

    Arbitrage is basically buying in one market and simultaneously selling in another, profiting from a temporary difference. ... Read Full Answer >>
  2. What is Fibonacci retracement, and where do the ratios that are used come from?

    Fibonacci retracement is a very popular tool among technical traders and is based on the key numbers identified by mathematician ... Read Full Answer >>
  3. What is a derivative?

    A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset, ... Read Full Answer >>
  4. What is finance?

    "Finance" is a broad term that describes two related activities: the study of how money is managed and the actual process ... Read Full Answer >>
  5. What items are considered liquid assets?

    A liquid asset is cash on hand or an asset that can be readily converted to cash. An asset that can readily be converted ... Read Full Answer >>
  6. What is comparative advantage?

    Comparative advantage is an economic law that demonstrates the ways in which protectionism (mercantilism, at the time it ... Read Full Answer >>
COMPANIES IN THIS ARTICLE
Trading Center