EUR/USD Forex Signal - September 1, 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered as none of the key levels were reached.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

Long Trades

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1120 or 1.1048.

* Place 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.

* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

Short Trades

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1161 or 1.1246.

* Place 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.

* Take off 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 new resistance level identified yesterday at 1.1161 has held and continues to hold. A move down to 1.1120 looks to be the most likely short-term scenario.

Over the long-term, the price is right in the middle of a very strong long-term consolidation, so the pair is essentially trendless, making long-term forecasting impossible. 

(Click on image to enlarge)

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm.