EUR/USD Forex Signal For September 21, 2015

EUR/USD Signal Update

There are no outstanding signals.

Today’s EUR/USD Signals

Risk 0.75%
Trades may only be made between 8am and 5pm London time today.

Long Trade 1

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at about 1.1220.

Put the stop loss 1 pip below the local swing low.

Move the stop loss to break even once the trade is 20 pips in profit.

Remove 50% of the position as profit when the trade is 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 1.1108.

Put the stop loss 1 pip below the local swing low.

Move the stop loss to break even once the trade is 20 pips in profit.

Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

If you look at a long-term chart of this pair, you can see that it is consolidating, but has some slight bullishness. The Euro is, just barely, the strongest currency at the moment, but really not by much. However against the USD it can be seen that there is a weakly bullish trend line that has held over time and a few hits. Today this trend line is fairly confluent with a psychological number (1.1250) where there has recently been some demand, so the best trade in the short-term looks like being a bullish reversal long from that area.

Below the trend line, there is further demand likely a little way above 1.1100.

Resistance above is unpredictable for quite a way, so I do not see the price as able to get to any good shorting levels any time very soon.