EUR/USD Signal Update
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 1.0550.
Place 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.
Take off 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 1.0666.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
This pair was hard to forecast at the end of last week but I thought a fall was more likely that a rise and so it proved to be.
The price is now very close to some strong long-term resistance levels: the multi-year low at 1.0461 and the level above that at 1.0550, which has proven itself to be strong.
There are the first signs that the price may be stabilizing and beginning to turn bullish, but these are very early signs.
The USD is still very strong but will experience a pull back at some point and this pair might be well positioned at this price level to benefit from buyers in such a circumstance.
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There is nothing due today regarding either the USD or the EUR