EUR/USD Signal Update
Yesterday’s signals produced a just barely profitable winning trade off the pin bar rejection from the identified support at 1.1315. It only gave the minimum required 20 pips of profit.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1315 and/or the supportive trend line currently sitting at around 1.1300.
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 1.1232 and/or the supportive trend line currently sitting at around 1.1225.
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
I forecast yesterday that a move up was more likely that a downwards move as the major move of the day. While that did not quite happen, there was a bounce up off the support that we can see begins at around 1.1315. However there is little momentum there and movement is quite weak. Despite that this area is becoming confluent with a supportive trend line and as such is likely to hold, so again I see an upwards move as the more likely scenario for the day, although this will depend upon the US economic data coming out later.
There should be minor resistance beginning at around 1.1380 today. There is also a level at 1.1340 that the bulls are finding a little hard to break through.
There are no high-impact releases due today concerning the EUR. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.