Our free forex signals pair today is the EURUSD instrument and we have a buy-stop order with entry, stop and take profits levels.
EURUSD is moving higher after Friday’s Non-Farm Payroll data saw the US dollar slip on mixed economic news, currently trading at 1.1874, up 0.06% on the day.
The closely watched US 10-year yield, which used globally to guide interest rates, is down 10 basis point this morning, with US dollar index falling in sympathy, 92.17, down 0.07% so far today.
US date was a mixed bag on Friday, with unemployment edging higher (to 5.9%) as more people entered the labour market even though NFP data beat expectations of economists, coming in at 850,000 against a prediction of 700,000. That had the effect of underscoring the likelihood that interest rate hikes and other monetary tightening will not be brought forward by the US Federal Reserve.
US Factory Orders were 1.7% higher in May, another beat, albeit marginally, of market forecasts, confirming that the economy is still very much firing on all cylinders.
Video: EURUSD Signal set-up by trader Olimpiu Tuns
ECB meeting on Tuesday, FOMC minutes up on Wednesday
Federal Open Market Committee minutes will be released on Wednesday, and forex trading in the EURUSD may be muted to some extent as traders wait on how that information might reveal about Fed thinking and how it might be interpreted by market participants.
On the other side of the pair equation, forex traders will have noted the strong economic data in the eurozone, despite caution emanating from ECB president Christine Lagarde, who last week described economic progress in the bloc as fragile.
Europe has been reopening at a quickening pace as the pandemic is brought under control and the vaccine rollout continues to gather pace. Nevertheless, worries about the Covid Delta variant remain.
The ECB Governing Council gathers on Tuesday for a meeting that could last until Thursday. At the centre of their deliberations will be the question of whether the current consensus that inflation target of “below, but close to, 2%” should be tweaked. It is generally agreed that it should be changed but not as to what it should be changed to.
In the meantime forex traders will be hanging on data releases today for the German Markit Services and Composite PMI and eurozone Services and Composite PMI data, to gauge the extent to which the European economy is still on track for robust recovery from the pandemic.
No let’s get to the signal information. But before we do, you may be interested in reading our guide to using Forex Robots for your trading needs.
Free forex signals – Buy EURUSD
Instrument: EUR/USD
Order: BUY STOP
Entry price: 1.1887
Stop Loss: 1.1804
TP1: 1.2012
Recommended Risk: 1%
Risk / Reward Ratio: 1:1.5
Signal validity period: Good until cancelled
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