EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken before 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 1.1320 and/or the supportive trend line currently sitting at around the same price.
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 1.1240.
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 the line of least resistance was definitely bullish, but also that relatively small profits are probably all that is on offer. Overall this was good advice but really the price did not go anywhere. Nothing has changed, although it looks now as if we might be taking another fall down to support and in fact at the time of writing the price is sitting right on the first supportive trend line. The key levels and overall technical picture is more or less unchanged.
There is another good level of supportive confluence below that at 1.1235.
Regarding the EUR, the ECB will announce the Minimum Bid Rate at 12:45pm London time, followed by a press conference at 1:30pm. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm.