EUR/USD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time today.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1005.
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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1071.
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.
Remove 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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at around 1.0800.
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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
The pair came to just a few pipettes short of the resistance level of 1.1005, which I had highlighted last week, on Friday. The price has been falling since them.
The price is broadly trending lower, and if the USD continues to strengthen it should be expressed quite nicely in this pair.
It would not be surprising if we broadly consolidate with a bearish bias until we start to get important news for both sides of this pair on Wednesday, climaxing on Friday with the U.S. NFP.
There is nothing today regarding the EUR. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.