EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.0987 or 1.0760.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the first test of the zone from 1.0760 to 1.0750.
Place the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
I spoke yesterday about my general bearishness on this pair coupled with the sense that it is due a pull back. Yesterday the price did rise to 1.0900 or thereabouts, but fell sharply again to make new multi-year lows. During the Asian session the price reached a new low at 1.0782.
I am still very bearish, but we are not far away from a key psychological level and historic support, and this pair is overdue a pull back. Therefore I am looking for a very conservative long trade at around 1.0750.
The nearest strong resistance is too far away to be useful today. There might be local resistance at the whole number of 1.0900.
There are no high-impact events scheduled for today concerning either the EUR or the USD. Therefore it is likely to be a relatively quiet day for this pair.