Our free forex signals service trade today is a buy order on the EUR/JPY pair.
The EUR/JPY pair retreated in the short term after registering an amazing rally. In the short term, a temporary retreat was expected. Still, despite the temporary correction, the bias remains bullish.
The pair reached a support zone, the resistance turned into support. Personally, I’m looking for new long opportunities after the current decline. Still, you should be careful today as the Euro-zone economic data could move the pair.
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Flash Services PMI and Flash Manufacturing PMI Figures In Focus
The Euro-zone Flash Manufacturing PMI is expected to drop from 56.4 to 55.4 points, while the Flash Manufacturing PMI could slip lower from 58.6 to 57.0 points.
In addition, the German Flash Services could be reported at 55.2 in October below 56.2 points in September, while the Flash Manufacturing PMI is expected at 56.5 far below 58.4. Worse data compared to the previous reporting period signals a slow down in expansion which could be bad for the Euro.
On the other hand, the Japanese Flash Manufacturing PMI jumped unexpectedly higher from 51.5 to 53.0 points, beating the 51.6 forecast.
Technically, the EUR/JPY pair stands above the 23.6% retracement level. It has developed a minor triangle pattern. A valid breakout from this pattern could bring new opportunities. It could still resume its uptrend as long as it stays above the ascending pitchfork’s median line (ML).
Free forex signals – BUY EUR/JPY at 132.84
Free forex signals entry price and take profit
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 132.84
Stop Loss: 132.09
TP1: 133.83
My Risk: 1%
Risk / Reward Ratio: 1:1.31
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