EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.1365 or 1.1189.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1178.
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.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1365.
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 1.1450.
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.
EUR/USD Analysis
I have a bullish bias and the pair looks bullish. Nothing much happened yesterday but we are still moving up slowly. However in spite of all that, it has to be noted that there is a lot of potential resistance above, as my colleague Christopher Lewis notes today. There is a bearish trend line just above the current price at the time of writing, although it has been touched so recently I do not have a lot of faith in it holding if tested. I have more faith in the resistance at 1.1365. There is also another level above that at 1.1450.
We are in a triangle but the supportive trend line really needs to pass a second test before becoming fully valid.
There are no high-impact events scheduled today for the EUR or the USD.