EUR/USD Forex Signal - 8 February 2016

EUR/USD Signal Update

Last Thursday’s signals expired without being triggered as there was no bearish price action between 1.1136 and 1.1151.

 

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be taken between 8am and 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 1.1075.

* 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 ride.

 

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1232.

* 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 ride.

 

EUR/USD Analysis

The price has fallen a fair amount since it tried to break up past 1.1232, and may have found minor support at around 1.1120. However I see the real key support as more likely to be located at 1.1075. The pair can now be said to be in an upwards trend so it might pay off not to be too fussy about the precise location of long trade entries.

In any case it is probably going to be a very quiet day as it is both a Monday and also because there are no high-impact news events scheduled.

EURUSD

There is nothing due today concerning either the EUR or the USD.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.