EUR/USD Forex Signal - November 2, 2015

EUR/USD Signal Update

Last Thursday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.75%

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

Long Trade 1

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0868.
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 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 entry into the zone between 1.1088 and 1.1136.
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 run.

Short Trade 2

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.1058.
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 run.

EUR/USD Analysis

The Euro has been rising quite strongly against the USD since its sharp fall during the middle of last week. There was a sharp price rejection of 1.1075 which formed a fairly short-term bearish trend line with two touches which you can see drawn on the chart below. This is the nearest hurdle for the price to test: although it has continued to rise without a pause, it might turn here, but any such turn should be watched very carefully. Not far above there is a zone that should be very resistant.

There is probably still minor support at 1.1000 but I think the most interesting movement today and most profitable possible trade will probably be on the short side.

EURUSD Forex signal