EUR/USD Forex Signal For October 16, 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired as the bullish price action that did occur later was below 1.1379.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be entered between 8am and 5pm London time.

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1315.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 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 trend line currently sitting at around 1.1435.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

  • EUR/USD Analysis

    Yesterday the price moved up with excessive bullishness, before turning around and falling quite sharply just under the round number of 1.1500 which I had thought might be resistant. In any case the fall was due mainly to comments from the ECB talking the Euro down, and the result of this move has been to effectively wipe out a couple of trend lines and also the anticipated support at 1.1379 which is now not a key level at all.

    This has left us with support at 1.1315 and a broken trend line above that might act as resistance. However as that trend line is very steep, it is probably not going to come into play.

    I think a continued gently fall down to 1.1315 or perhaps 1.1325 is the most probably next move. Unless there is some big change in sentiment, it will be very likely to provide some kind of support.

     

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    Author: Travis Esquivel

    Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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