EUR/USD Forex Signal - 3/8/2016

EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.50%

Trades must be taken between 8am and 5pm London time today only.

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between the trend line currently sitting at around 1.0950 and 1.0900.

* Put the stop loss 1 pip below the local swing low.

* Adjust the stop loss to break even once the trade is 20 pips in profit.

* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1068.

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

* Adjust the stop loss to break even once the trade is 25 pips in profit.

* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

The trend line really did come back into play yesterday, although it was looking unreliable, it seems there was enough confluence there with the .50 level at 1.0950 for it to work as good support and there was a move up as the USD was punished over the London and New York sessions. Although the USD recovered in some places over the Asian session, the price here has held up. However we are now in sight of 1.1068 which is likely to be strong resistance and we may get the high of the day anywhere above 1.1050 but perhaps not much higher than 1.1068.