EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price did not reverse off 1.0964 until after the London session closed.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered before 5pm London time today only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0905.
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 run.
Short Trade 2
Short entry 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 1.1100.
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 run.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0964.
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 run.
EUR/USD Analysis
I had expected yesterday that the area around 1.0800 would be supportive and so it proved to be, quite strongly, although unfortunately the price did not really dip down again into that zone after the London open to give the exact kind of entry I would have preferred. In any case, the resistance above 1.0900 was broken quite cleanly, but the resistance I had forecasted at 1.0964 did hold and at the time of writing is still holding. I see this resistance as having flipped to support at around 1.0906 now, and a fall down to that price could give a good opportunity to go long.
There is nothing due today regarding the EUR or the USD.