EUR/USD Forex Signal For April 7, 2016

EUR/USD Signal Update

Yesterday’s signals may have triggered a long trade following the rejection of the identified support level of 1.1337.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be taken before 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.

Short Trade 1

Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1559.

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

The support yesterday was provided by my identified level at 1.1337, which held and gave a strong boost to the price of this pair before the FOMC release yesterday. The level was not touched again and at the time of writing, it looks as if the price is making another upwards thrust to challenge the recent high at 1.1440.

There was a resistant level at 1.1400 but this has been washed away. This is a significantly bullish move with the pair above its cap that has held for many months, with no significant support before 1.1559. However the round number at 1.1500 has psychological importance and there may be profit taking if it is reached any time soon.