EUR/USD Forex Signal For October 15, 2015

EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be made before 5pm London time.

Long Trade 1

Long entry 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 1.1412.

Put 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.

Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Long Trade 2

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1379.

Put 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.

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

Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1559.

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

Move 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.

EUR/USD Analysis

I was expecting a bearish pull-back yesterday, but instead the bulls were resilient, and once the poor US economic data came out at around the time of the New York open, the USD fell and pushed the price of this pair up above the trend line.

The price has continued to hold up during the Asian session and is at the time of writing making new highs that have not been since the dramatic spike up to 1.1700 that occurred in late August.

We are approaching 1.1500 which is a big round number. That might provide some resistance, but the level I am really watching for resistance is the zone from 1.1559 to 1.1575.