EUR/USD Forex Signal - 1 August 2016

EUR/USD Signal Update

Last Thursday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.50%.

Trades must be taken between 8am and 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 1.1105 or 1.1058.

  • 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 1.1186 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

Last week’s poor U.S. GDP data has weighed heavily on the USD and so we have seen a strongly bullish move in this pair as we have almost everywhere against the USD. The price has broken up past a couple of resistance levels and has printed new support at two levels below. As at the time of writing, the resistance at 1.1186 looks quite tough and it might hold today.

EURUSD

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.

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.