EUR/USD Forex Signal For November 16, 2015

EUR/USD Signal Update

Last Thursday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades must 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 1.0684.

* Place 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 trade is 20 pips in profit and leave the remainder of the position to run.

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 1.0800 and 1.0846.

* Place 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

Although this pair is in a long-term downwards trend, and is also placed technically within a strongly bearish channel that has been running for some time now, the price found some support over the course of the previous week from the 1.0684 level. Additionally, the price has broken up past one bearish inner trend line and is very close at the time of writing to breaking up past a second, as drawn in the chart below. This is suggestive of another move up to the 1.0800 level, where significant resistance starts. Note how the price was already held there last week the last time this zone was visited.

We might reach 1.0800 today but it is unlikely that the price will really get any higher than that.