EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached the anticipated support at 1.0905.
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 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.
Short Trade 2
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 1.1075.
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.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0868.
Put the stop loss 1 pip below the local swing low.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0810.
Put the stop loss 1 pip below the local swing low.
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 foresaw support at 1.0905 yesterday but that level was broken quite easily. The fall was eventually halted close to 1.0868 which now stands out as obvious resistance flipped to support, so I can see that price being supportive again.
The lower trend line in the chart below is looking increasingly doubtful so I do not want to use it. If it is disrespected a little more, I will remove it from my chart.
Overall there is no clear direction and we will probably stay within the closest levels until we get the USD news around the New York open.
There is nothing scheduled today concerning the EUR and the USD. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.