EUR/USD Forex Signal - 10 October 2016

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be entered before 5pm London time today.

 

Long Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1150 or 1.1104.

  • 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 the bearish trend line currently sitting at around 1.1215 or 1.1283.

  • 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

There is no long-term trend and the price remains fairly range bound around its central area of 1.1200. This has been the overall picture for some time now.

However it would be wise to take a bearish bias above 1.1150 as we see two bearish trend lines above and general selling off whenever the price gets to the upper edge of its regular trading ranges.

There is new support at 1.1150 which could be interesting for a long trade if it is retested today.EURUSD

There is nothing due today regarding either the EUR or the USD. It is a public holiday in the United States today.

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.