EUR/USD Signal Update
Yesterday’s signals may have produced a winning short trade off the resistance at 1.1071 upon the second attempt, following the bearish engulfing candle that also had a pin feature.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made 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 1.0868.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0847.
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.
Long Trade 3
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0813.
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 touch of 1.0996.
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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1070.
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
The FOMC release yesterday increased the chances of a US rate hike in December and as such all the usual opponents of the USD suffered, and the Euro was no exception. This led to a sharp move down that easily broke through support, erasing the level at 1.0930. The price is now within sight of what should be very strong support levels between 1.09 and 1.08. However a pullback would be quite natural today, but I do not see any obvious places to go short before 1.0995.
Regarding the USD, there will be a release of Advance GDP and Unemployment Claims at 12:30pm London time. There is nothing due concerning the EUR.