EUR/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action when the price first hit 1.1035.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made before 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 the broken bearish trend line currently sitting at around 1.1025.
Put 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.
Long Trade 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0930.
Put 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 wrote yesterday that “some break to the upside later today or this week I think is quite possible” and this is what happened. Although the broken trend line initially got chopped around a little, the price did then fall back to it and launch upwards again off it, so I see this trend line as still valid and a possible launching pad for further longs. Below that, I see the next really significant support at 1.0930.
I do not see any good resistance before 1.1292 and there is plenty of bullish momentum, so the line of least resistance looks clearly upwards.
There is nothing due today regarding either the EUR or the USD.