EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action when the price reached 1.1292.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 1pm and 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 1.1108.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 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 the descending trend line or the horizontal level at 1.0930.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1363.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 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 1.1559.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
This pair continued to sell off last Thursday before finally stabilising somewhat on Friday. Wild moves such as these make it hard to judge where support and resistance levels lie and whether they are going to be relevant. However now there is some stability it seems clear that the price is free to range between 1.1108 and 1.1363, with some local resistance at around 1.1300 likely so today that is very certain to act as a maximum cap on the price. It is hard to say exactly what will happen next in the short term, I suspect consolidation is most likely.
There is nothing due concerning either the EUR or the USD today. It is a public holiday in the U.K. so liquidity will probably be very light until the New York open later.