EUR/USD Signal Update
Yesterday’s signals gave a losing long trade from the bullish bounce off 1.1075.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken trend line currently sitting at about 1.1000.
Place 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 1.0930.
Place 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
Yesterday was quiet but the price was heavy, spending most of the day trying to break below the support level I had identified at 1.1075. This finally happened late in the Asian session that has just concluded, but the price is rising again. This suggests to me that we can forget about that level and focus instead on the next solid support at the broken bearish trend line, which is currently confluent with a psychologically key round number at 1.1000.
There is nothing due concerning the EUR. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.