EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.
* Put 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 the lower channel trend line currently sitting at around 1.0530.
* Put 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 1.0462.
* Put 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting around 1.0650.
* Put 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 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.0708.
* Put 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.
* Adjust 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
It is notable that even with the USD weakness that we have seen in the Forex market over the last 24 hours or so, this pair has remained bearish in every way, making a new daily low and also being held by the inner bearish trend line shown in the chart below. It shows that right now, the Euro is the weakest of currencies.
However it is also true that we are approaching some really key support levels that could provide a launching pad for an upwards move, but that is probably not going to happen until Thursday when the market gets some more input on the Euro that might change sentiment.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.