EUR/USD Forex Signal For October 19, 2015

EUR/USD Signal Update

Last Friday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.75%

Trades may must be made before 5pm London time only.

Long Trade 1

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1315.

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 the trend line currently sitting at around 1.1480.

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

The price did little on Friday, although it did fall below 1.1340 at one point, after which it began to rise before falling back. It might be that the support at 1.1315 actually extends a little higher, so we may see an upwards move begin from here without another retest of 1.1315. However I think it will be far safer to wait for the price to get to at least 1.1325 before looking to enter a long trade. It is the obvious primary direction for the day, although this pair is in a fairly ranging mood at the moment.