EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.1200.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the supportive trend line currently sitting at around 1.1180.
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 the supportive trend line currently sitting at around 1.1170.
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.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1279 and 1.1350.
Place the stop loss 1 pip above the local swing high.
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 wrote yesterday that the next movement was most likely to be upwards and that is exactly what happened. The chart shows that over the last 2 weeks or so, the price has kept stalling as it tries to get above 1.1279, and while this resistance is not exact, we can say there is a zone of resistance between there which stretches up to about 1.1350. We are already coming off this zone but another stab up there could give a good opportunity for a short. I suspect that today we are going to see some kind of downwards move.
The nearby support that we might realistically reach today will be at either or both of the supportive trend lines. The lower trend line looks like it will be more reliable than the higher one.
There are no high-impact releases due today concerning either the EUR or the USD.