EUR/USD Signal Update
Last Thursday’s signals were not triggered as the reversal off 1.0800 did not occur during the London session.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 1.0700.
Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0900.
Put 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 run.
EUR/USD Analysis
For several days now this pair has been enjoying a bullish retracement that has formed a short-term bullish channel. However it should be noted that the price remains within a much wider bearish channel, which remains unbroken. The price seems to be heading upwards to the 1.0900 area. Here there exists currently a strong confluence of horizontal resistance and trend lines, therefore it is very hard to see the price really breaking up past 1.0950 at the most any time soon.
Below, the lower trend line of the bullish channel could provide a good reward to risk trading area.
There are no high-impact events scheduled today concerning either the USD or the EUR.