EUR/USD Forex Signal For March 9, 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.50%

Trades may only be entered before 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 the trend line currently sitting at around 1.0960 and 1.0900.

* 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 1.1068.

* 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 rose yesterday but did not quite reach 1.1068, although it did peak about 10 pips short of that level. At the time of writing, there are signs that the price is finding support a little way above the trend line highlighted in the chart below.

It is quite likely that today will be quiet as the ECB are giving their monthly report tomorrow and there will be a great deal of focus on what they have to say and it will probably have a big impact upon the Euro, so it might be better to focus on short-term trades today or else prepare to be blown away by volatility tomorrow.