EUR/USD Forex Signal For October 14, 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be taken 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 the supportive trend line currently sitting at around 1.1370.

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.

Take off 50% of the position as profit when the trade is 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 1.1315.

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.

Take off 50% of the position as profit when the trade is 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 the ascending trend line currently sitting at about 1.1425.

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.

Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

We are still holding within this very narrowing triangle. Although the overall picture looks bullish, with the EUR being a slightly but very steadily rising currency and the USD has been showing weakness lately, I still think that a stab upwards followed by a break below the closest supportive trend line is the most likely scenario ahead. A break below that trend line should see at least 1.1340.

There are no high-impact releases due today concerning the EUR. Regarding the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time.