EUR/USD Forex Signal For June 9, 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bearish price action at 1.1189.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be entered before 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 1.1189.

• 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.

• Take off 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

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1004.

• 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.

• Take off 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 touch of 1.1365.

• 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.

• Take off 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 2

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1450.

• 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.

• Take off 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

Surprisingly, this pair strengthened quite significantly yesterday, even in the absence of any major news. The price is currently approaching a key resistance level at 1.1365 which is quite likely to form a double top, at least temporarily. Below, it is likely that the previous expected resistance at 1.1189 will now have flipped to become support.

 

There are no high-impact events scheduled today for the EUR or the USD.