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 1.0931.
Place 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.
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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone from 1.1071 to 1.1100.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run to 1.1015.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.1136.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
I wrote yesterday that here may be good support at 1.1000 and in fact the low of the day was made just a few pips above that level shortly after the New York open.
The price has risen since, but is meeting resistance at 1.1071. I think from there to 1.1100 we will see a resistant zone. Ideally I want to see another stab up into that zone after London opens, before a failure and breakdown before entering a short trade.
There was quite strong buying close to 1.1000 yesterday so it may act as support yet again.
Alternatively, an early break up above 1.1100 could see us reach 1.1136, which will probably be another resistant level.
Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed by CB Consumer Confidence at 3pm. There is nothing due concerning the EUR.