By: DailyForex.com
EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken between 8am and 5pm London time today only.
Short Trade 1
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 1.0860.
• Put the stop loss 1 pip above the local swing high.
• Adjust 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.
Short Trade 2
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0915.
• Put the stop loss 1 pip above the local swing high.
• Adjust 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.
Short Trade 3
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0964.
• Put the stop loss 1 pip above the local swing high.
• Adjust 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.
EUR/USD Analysis
I had discounted the broken trend line above, but it did in fact act as resistance to produce the high of the day, so I think this line has come back into play. I would there be looking for this as the first place to look for a short trade today. Below, I had seen the 1.0818 level as support, and it has indeed proven to be supportive but not cleanly so. Therefore I cannot give it as an exact level at which to look for a short trade. I suspect there is support down to 1.0800 and a bounce off the round number could easily produce the low of today, especially as there is no high-impact news due.
There is nothing due today regarding the EUR or the USD.