EUR/USD Forex Signal - April 5, 2016

EUR/USD Signal Update

Yesterday's signals were not triggered as the price never reached 1.1337.

Today's EUR/USD Signals

Risk 0.75%

Trades must be taken from 8am until 5pm London time today only.

Long Trade 1

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1337.

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 run.

Long Trade 2

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1302.

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 run.

EUR/USD Analysis

I warned yesterday about using 1.1400 as resistance as it was looking unclear but it has been holding again. The medium-term picture is an ongoing consolidation between 1.1440 and 1.1337, the latter of which can still be expected to act as support. It is quite possible to scalp shorts off 1.1400 in the meantime but I would not look for any more meaningful short trades there but instead hope for a pullback to 1.1337 or even 1.1302 which looks stronger.