EUR/USD Forex Signal For March 29, 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be taken before 5pm London time today.

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 1.1068 and 1.1035.

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 1.1338.

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

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.

EUR/USD Analysis

I wrote early yesterday that there was possibly some kind of bottoming out at around 1.1150 and so it proved to be, although we have been falling off from yesterday’s highs, with the round number at 1.1200 seeming to act as minor resistance.

We remain well in between the key levels, the nearest and most attractive still being the supportive zone that is centred on 1.1050.

The pair is in a mild upwards trend that has not really become established as it is firmly capped at around 1.1400.

The USD news due later today might provide the catalyst to really get things moving, but we are still not likely to reach either of the nearest key levels today, so 1.1150 and 1.1200 are quite possibly going to provide either a high or a low of the day.

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm London time, and the Chair of the Fed will be speaking at an event at 3:30pm.