EUR/USD Forex Signal - July 11, 2016

EUR/USD Signal Update

Last Thursday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be taken before 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 1.1025 or 1.0900.
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 Trades

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1120, 1.1170 or 1.1234.
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

A look at the chart below shows that this pair has been ranging over recent days. Although it has not really been going anywhere, the positive side of this is that support and resistance levels tend to hold quite predictably, giving potential high-probability opportunities, albeit at relatively low rewards. Such opportunities are likely to persist today in the absence of any important scheduled news events.

Over the long-term the pair is trendless: it really needs to get below 1.0900 to be in a downwards trend yet above 1.1400 to be truly bullish.

(Click on image to enlarge)

EURUSD