EUR/USD Forex Signal - 2 March 2016

EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

 

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 1.0772.

* 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 the broken trend line at 1.0933.

* Place the stop loss 1 pip above the local swing high.

* Move the stop loss to break even once the trade is 25 pips in profit.

* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.

 

Short Trade 2

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0967 and 1.0984.

* Place the stop loss 1 pip above the local swing high.

* Move the stop loss to break even once the trade is 25 pips in profit.

* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.

 

EUR/USD Analysis

This pair has had a very quiet day. It still looks bearish overall, especially when you look at a really long-term chart. Things will probably remain quiet until we get the USD news at around the New York open, which will probably bring some volatility. We are not close to any key levels at the moment.

EURUSD

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time followed later by Crude Oil Inventories at 3:30pm.

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.