EUR/USD Forex Signal For February 1, 2016

EUR/USD Signal Update

Last Thursday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be entered between 8am and 5pm London time today.

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0772.

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

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

* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Long Trade 2

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0708.

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

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

* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0960 and 1.1000.

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

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

* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

The pair remains stick between 1.0700 / 1.0800 and 1.1000 as it has been for some time. On Thursday we had a move up to 1.0965 and this was enough to send the price plummeting. Looking at the chart below we can see that the price is forming some kind of consolidating triangle although the lower edge does not look symmetrical enough so I feel a sustained break down below support is more likely than the price holding up above 1.1000 which has been really key resistance for several weeks now. We also have a few trend lines up there between 1.0950 and 1.1000 so I would be prepared to look for new short trades as soon as the price gets up to 1.0960 again.