EUR/USD Forex Signal For February 10, 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bearish price action at 1.1232.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be taken from 8am to 5pm London time today.

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1238 and 1.1213.

* 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 1.1075.

* 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 touch of 1.1315.

* 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

I wrote yesterday that my overall bias is bullish and the bullish move in this pair continued for another day with a fairly strong upwards move that stalled at the next anticipated resistance level of 1.1315. We have been consolidating a little way under that resistance and we might continue to pull back.

This is one of the most strongly trending currency pairs and so it is probably a good idea to maintain a bullish bias and to generally look to try to get long. The USD has been weak lately. The Chair of the Fed will be speaking later today and her remarks might move the USD quite a bit in this febrile market environment so watch out for that.