EUR/USD Forex Signal For February 24, 2016

EUR/USD Signal Update

Yesterday’s signals did not produce any trades as there were hourly closes below 1.1003.

Today’s EUR/USD Signals

Risk 0.75%

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

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 1.1003 and 1.0967.

* 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 the trend line currently sitting at about 1.0940.

* 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 3

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at about 1.0913.

* 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 1.1080.

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

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

* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

The price has been supported by the big 1.1000 number. It would probably move up from here and would look like a very obvious trade, but the extreme weakness of the British Pound and the possibility of a British exit from the European Union is weighing heavily upon the Euro. As such there are several levels not far below from which a long trade can be taken, but be careful and expect to see some momentum to confirm the entry.