EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time.
Short Trade 1
Go short after bearish price action on the H1 time frame immediately following the next touch of 1.2122.
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 trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.1875.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 40 pips in profit.
Take off 25% of the position as profit when the trade is 40 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
The price has pulled back slightly but overall has not done very much. It is important to remember that we may have made a multi-year double bottom at the 1.1875 area. However, after a further pull back, we can try to trade with the trend downwards if the price starts to fall again. Unfortunately there are no interesting obvious levels between 1.1875 and 1.2122.
There is a high-impact data release scheduled today concerning the USD, but nothing regarding the EUR. At 3pm London time, there will be a release of U.S. ISM Non-Manufacturing PMI data.