EUR/USD Forex Signal - August 31, 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered as neither of the key price levels were reached.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken between 8am and 5pm London time today only.

Long Trades

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1120 or 1.1048.

• Put 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 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 1.1246.

• Put 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 ride.

EUR/USD Analysis

The only change of note since yesterday’s analysis is that we may have a new flipped support to resistance level emerging at 1.1160 which would be a bearish sign. However, it might be a little too early to tell for sure so I cannot place it as a level at which to look for trades yet.

Generally, this pair is trendless, and right in the middle of its long-term consolidation range.

(Click on image to enlarge)

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change data at 1:15pm London time, followed by Crude Oil Inventories at 3pm.